Please help!!

The controllers of Metlock, Inc. and Bridgeport Corp. both ask you whether their companies can reclassify short-term obligations as long-term. Here are the facts surrounding both companies' short-term debt. Metlock, Inc. On December 31, 2017, Metlock, Inc. has $1,600,000 of short-term debt in the form of notes payable to Michaels State Bank due February 5, 2018. On January 28, 2018, Metlock issued 16,000 shares of common stock at $75 per share. Metlock used the proceeds of $1,200,000 from the stock issuance, along with $520,000 in cash to retire the short-term debt and associated accrued interest on February 5, 2018. Metlock will issue its December 31, 2017 financial statements on February 25, 2018. Bridgeport Corp. On December 31, 2017, Bridgeport Corp. has $2,400,000 of short-term notes payable to Indiana Bank & Trust. The notes are due on January 31, 2018. Bridgeport retired the notes, along with $160,000 in accrued interest, in full on January 31, 2018. On February 11, 2018, Bridgeport obtained $3,600,000 in long-term financing from Terre Haute Bank & Trust. The new debt bears interest at 5 percent, with interest payments due annually. Bridgeport will issue its December 31, 2017 financial statements on February 28, 2018. Prepare partial balance sheets for Metlock, Inc. and Bridgeport Corp. at December 31, 2017, showing how both companies' short- term debt should be presented. (Enter account name only and do not provide descriptive information.) Metlock, Inc. Partial Balance Sheet December 31, 2017 V $ Bridgeport Corp. Partial Balance Sheet December 31, 2017 V $