Oriole owes $3.4 million that is due on February 28. The company borrows $2670000 on February 25 (5-year note) and uses the proceeds to pay down the $3.4 million note and uses other cash to pay the balance. How much of the $3.4 million note is classified as long-term in the December 31 financial statements

Since the $3.4 million note is repayable on the coming February 28, i.e within 12 months from December 31, no portion of the note is to be classified as long-term on the current December 31 balance sheet.

However, the $2.67 million note is to be classified as long-term liability in the following December 31, balance sheet.

the assumption the narrator makes in this excerpt is that the messages he heards were going to hurt the narrator's mom; the narrator just springs in to action. the narrator doesn't specify in this excerpt why he believes that the messages present a problem that requires protection.

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