A brief question: At Dec 31, 2015, Dustin Pedroia Corp owes $500,000 on a note payable due Feb 15, 2016. (a) If Pedroia refinances the obligation by issuing a long-term note on Feb 14 and using the proceeds to pay off the note due Feb 15, how much of the $500,000 should be reported as a current liability at Dec 31, 2015? (b) If Pedroia pays off the note on February 15, 2016, and then borrows $1,000,000 on a long-term basis on March 1, how much of the $500,000 should be reported as a current liability at Dec 31, 2015, the end of the fiscal year? (need a brief explanation…not just numbers for full credit post)
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