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Grogan Corporation has $1,800,000 of short-term debt it expects to retire with proceeds from the sale of 60,000 shares of common stock. If the stock is sold for $20 per share subsequent to the balance sheet date, but before the balance sheet is issued, what amount of short-term debt could be excluded from current liabilities?
a. $1,200,000
b. $1,800,000
c. $600,000
d. $0
Which of the following characteristics distinguishes a governmental or not-for-profit entity from a business entity?
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