Crane owes $3.5 million that is due on February 28. The company borrow


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Crane owes $3.5 million that is due on February 28. The company borrows $2780000 on February 25 (5-year note) and uses the proceeds to pay down the $3.5 million note and uses other cash to pay the balance. How much of the $3.5 million note is classified a

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Crane owes $3.5 million that is due on February 28. The company borrows
$2780000 on February 25 (5-year note) and uses the proceeds to pay down the $3.5 million note and uses other cash to pay the balance. How much of the $3.5 million note is classified as long-term in the December 31 financial statements?

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