Question: Maple Leaf Co. has a ($ 50,000,5 %, 10)-year note issued July 31, 2011. a. How will the ($ 50,000) be classified on the December

Maple Leaf Co. has a $\$ 50,000,5 \%, 10$-year note issued July 31, 2011.

a. How will the $\$ 50,000$ be classified on the December 31,2020 , balance sheet?

b. If the $\$ 50,000$ is refinanced into a five-year note on January 31, 2021 (before the 2020 financial statements are issued), how will the $\$ 50,000$ note payable be classified on the December 31,2020 , balance sheet?

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