On November 30, 2010, Central Food purchased two trucks for a total of $140,000, issuing a one-year, 6% note payable, all due at maturity. The interest on this loan is stated separately.
Refer to the above data. The liability for this loan as of December 31, 2010
a Is equal to its maturity value.
b Is equal to the book value of the two trucks that were acquired in exchange.
c Is classified as a long-term liability, since it was used to acquire non-current assets.
d Is classified as a long-term liability if Central Food has the intent and ability to refinance by taking out a new loan not due for several years.
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