Makers Co. decided to refinance its notes payable of $520,000 due on February 28, year 5. On January 30, year 5, before the year 4 financial statements were issued, Makers issued one year bonds for $470,000, these proceeds were used to repay the note when it came due. How should Makers classify the note in its December 31, year 4 financial statements?

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In the December 31 year 4 financial statements Makers Co should classify ... View the full answer