Bramble owes $2.9 million that is due on february 28. the company borrows $2,340,000 on february 25 (5-year note) and uses the proceeds to pay down the $2.9 million note and uses other cash to pay the balance. how much of the $2.9 million note is classified as long-term in the december 31 financial statements?

It is $2,340,000

Explanation:

Since the old debt of $2.9 million has been discharged using new debt issued of $2,340,000  and some cash, the value of the new debt issued will be recognized as a new liability.

However, the balance that will be recognized as long-term will be the liability that is payable after one year while the element that is payable within a year will be recognized under current liability in the financial statement at the end of the year.

explanation:

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d. all of the above are true.