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Question 1: Marigold owes $2.3 million that is due on February 28. The company borrows $1750000 on February 25 (5-year note) and uses the proceeds to pay down the $2.3 million note and uses other cash to pay the balance. How much of the $2.3 million note is classified as long-term in the December 31 financial statements?
Option 1: $2300000.
Option 2: $1750000.
Option 3: $550000.
Option 4: $0.
Question 2: Crane Company has $2450000 of short-term debt it expects to retire with proceeds from the sale of 45000 shares of common stock. There is no contractual agreement to retire the debt with the stock sale proceeds. If the stock is sold for $25 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?
Option 1: $1325000.
Option 2: $2450000.
Option 3: $0, No contractual agreement to retire the debt with stock proceeds.
Option 4: $1125000.
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