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How should taylor report the note payable in december

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Reference no: EM132718835

PROBLEM 1: On December 31, Year 1, Taylor, Inc. signed a binding agreement with a bank for the refinancing of an existing note payable that was scheduled to mature in February, Year 2. The terms of the refinancing included extending the maturity date of the note by three years. On January 15, Year 2, the note was refinanced. How should Taylor report the note payable in its December 31, Year 1, balance sheet?

A. A current liability.

B. A long-term liability.

C. A current liability and a long-term liability.

D. As equity

Reference no: EM132718835

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