Sunland owes $4.2 million that is due on February 28. The company borrows $3460000 on...
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Sunland owes $4.2 million that is due on February 28. The company borrows $3460000 on February 25 (5 year note) and uses the proceeds to pay down the $4.2 million note and uses other cash to pay the balance. How much of the $4.2 million note is classified as long term in the December 31 financial statements?
(a) 4200000
(b) 34600000
(c) 0
(d) 740000
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