Business, 11.03.2020 05:35 cuhh

Cali, Inc., had a $4,000,000 note payable due on March 15, 20x6. On January 28, 20x6, before the issuance of its 20x5 financial statements, Cali issued long-term bonds in the amount of $4,500,000. Proceeds from the bonds were used to repay the note when it came due.
How should Cali classify the note in its December 31, 20x5, financial statements?

a) As a current liability, with separate disclosure of the note refinancing.

b) As a current liability, with no separate disclosure required.

c) As a noncurrent liability, with separate disclosure of the note refinancing

d) As a noncurrent liability, with no separate disclosure required

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Cali, Inc., had a $4,000,000 note payable due on March 15, 20x6. On January 28, 20x6, before the iss...

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