Business, 08.02.2021 19:20 ms0579930

Branch Company, a building materials supplier, has $18,800,000 of notes payable due April 12, 2022. At December 31, 2021, Branch signed an agreement with First Bank to borrow up to $18,800,000 to refinance the notes on a long-term basis. The agreement specified that borrowings would not exceed 80% of the value of the collateral that Branch provided. At the date of issue of the December 31, 2021, financial statements, the value of Branch's collateral was $19,400,000. On its December 31, 2021, balance sheet, Branch should classify the notes as follows: a. $18,400,000 of long-term liabilities.
b. $18,400,000 of current liabilities.
c. $3,680,000 long-term and $14,720,000 current liabilities.
d. $15,680,000 long-term and $2,720,000 current liabilities.

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Branch Company, a building materials supplier, has $18,800,000 of notes payable due April 12, 2022....

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