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?
Questions & Answers
Have a Question?
Be the first to ask a question about this.