Research the accounting issue and formalize your findings in a formal research memo. The formal memo should be in good form with proper grammar, conveying the results of your research.

AC325 FASB Codification Research - Chapter 15 You are part of the external audit team auditing Coover Corporation's financial statements for the year ending December 31, 2014. The audit engagement should be completed by midFebruary and Coover anticipates publishing its financial statements, including your CPA firm's audit opinion, by February 28, 2015. At December 31, 2014 Coover had a $100,000 outstanding note payable that was issued in 2011 and is due March 5, 2015. On January 10, 2015, Coover sold 1,000 shares of its $30 par value common stock for $90,000. Coover intends to use the $90,000 proceeds plus $10,000 cash on hand to repay the note payable on March 5, 2015. Coover has reported the $100,000 note payable as a current liability at December 31, 2014 because it will be paid off in the short-run. However, the audit senior isn't sure that is the correct way of reporting the note because it wasn't paid off with a current asset. The audit senior has assigned you the task of researching the proper reporting. Required: Draft a research memo addressing the note payable. Here is FASB Codification Database access information: Access using academic login link: http://aaahq.org/ascLogin.cfm or http://aahq.org/FASB-GASB Student User Name - aaa64830 Password - h5hCH4X If you need a refresher on how to use the FASB Codification Database and/or guidance on writing a professional research memo, here is a link to a lecture on those topics. http://youtu.be/NPBnzvqTtkY