Monroe company owes 1 million that is due on january 15 the

Reference no: EM13576275

Monroe Company owes $1 million that is due on January 15. The company borrows $600,000 on January 8 (5-year note) and uses the proceeds to pay down the $1 million note and uses other cash to pay the balance. How much of the $1 million note is classified as long-term in the December 31 financial statements.

Reference no: EM13576275

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