Sheep Ltd. has a $10,000,000 note payable outstanding. The terms of the note require repayment of principal on June 30, 20X2. The company is now finalizing the financial statements for the year ended December 31, 20X1. In January 20X2, before the financial statements are released, the company comes to an agreement with the lender to refinance the liability, with the new due date June 30, 20X5. Sheep also has committed to donate $400,000 to support the provincial snowboarding association race programs for the year. No donation agreement has yet been signed, but a public announcement has been made and the company and snowboarding association have met and agreed to the races the funding will support for the season, and promotion of Sheep Ltd. through its website. Answer the following: a) If Sheep complies with IFRS, will the note payable be classified as current or long-term as at December 31, 20X1? Provide your explanation. b) If Sheep complies with ASPE, repeat the requirements for part a) c) If Sheep complies with IFRS, will the $400,000 amount be recorded as a liability? Explain