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How much of the $3 million note is classified as long-term

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Parton owes $3 million that is due on February 28. The company borrows $2,400,000 on February 25 (5-year note) and uses the proceeds to pay down the $3 million note and uses other cash to pay the balance. How much of the $3 million note is classified as long-term in the December 31 financial statements?

Can you please help with the journal entry and explain too?

Reference no: EM132379085

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