Parton owes $3 million that is due on March 5, 2021. The company borrows $2,600,000 on February 25, 2021(5-year note) and uses the proceeds to pay down the $3 million note. How much of the $3 million note is classified as long-term in the February 28, 2021 financial statements?

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Answered: How much of the $3 million note is…

Business

Accounting

How much of the $3 million note is classified as long-term in the February 28, 2021 financial statements?

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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