On January 1, 2017, Michelin Company, a Calendar-Year Company, Issued

question 100

Multiple Choice

On January 1, 2017, Michelin Company, a calendar-year company, issued €9,000,000 of mortgage notes payable, of which €3,000,000 is due on January 1 for each of the next three years. The proper statement of financial position presentation on December 31, 2017, is

• A)Current liabilities, €9,000,000.
• B)Long-term Debt, €9,000,000.
• C)Current liabilities, €4,500,000; Long-term Debt, €4,500,000.
• D)Current liabilities, €3,000,000; Long-term Debt, €6,000,000.