Grogan Corporation Has $1,800,000 of Short-Term Debt It Expects to Retire

question 9

Multiple Choice

Grogan Corporation has $1,800,000 of short-term debt it expects to retire with proceeds from the sale of 60,000 shares of common stock.If the stock is sold for $20 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?

• A)$1,200,000
• B)$1,800,000
• C)$600,000
• D)$0

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