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Parton owes $3 million that is due on February 28, 2020. Prior to the issue of the 2019 balance sheet, the company borrows $2,400,000 on

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Parton owes $3 million that is due on February 28, 2020. Prior to the issue of the 2019 balance sheet, the company borrows $2,400,000 on February 25, 2020 (on a 5-year note) and uses the proceeds from both the new note and its existing current assets to fully pay down the $3 million debt. How much of the $3 million note is classified as short-term in the December 31, 2019 financial statements? Select one: A $2,400,000 B. $3,000,000 C. $0 D. $600,000

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