The controllers of Fey, Inc. and Pohler 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. Fey, Inc. On December 31, 2017, Fey, Inc. has $2,000,000 of short-term debt in the form of notes payable to Michaels State Bank due February 5, 2018. On January 28, 2018, Fey issued 20,000 shares of common stock at $75 per share. Fey used the proceeds of $1,500,000 from the stock issuance, along with $650,000 in cash to retire the short-term debt and associated accrued interest on February 5, 2018. Fey will issue its December 31, 2017 financial statements on February 25, 2018. Pohler Corp. On December 31, 2017, Pohler Corp. has $3,000,000 of short-term notes payable to Indiana Bank & Trust. The notes are due on January 31, 2018. Pohler retired the notes, along with $200,000 in accrued interest, in full on January 31, 2018. On February 11, 2018, Pohler obtained $4,500,000 in long-term financing from Terre Haute Bank & Trust. The new debt bears interest at 5 percent, with interest payments due annually. Pohler will issue its December 31, 2017 financial statements on February 28, 2018. Prepare partial balance sheets for Fey, Inc. and Pohler Corp. at December 31, 2017, showing how both companies' short-term debt should be presented, including footnote disclosures