Valencia Corporation Has the Following Liabilities at December 31, 2011

question 104

Multiple Choice

Valencia Corporation has the following liabilities at December 31, 2011: Valencia's December 31, 2011 financial statements were issued on March 19, 2012.On January 23, 2012, the entire €1,150,000 balance of the 8.9% note was refinanced by issuance of a long-term obligation payable in a lump sum.In addition, on December 29, 2011, Valencia consummated a non-cancelable agreement with the lender to refinance the 7.25%, €1,080,000 note on a long-term basis, on readily determinable terms that have not yet been implemented.On the December 31, 2011 statement of financial position, the amount of these notes payable that Valencia should classify as short-term obligations is

• A)$0.
• B)$1,080,000.
• C)$1,150,000.
• D)$2,230,000.

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First Word

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Confidence Interval

A range of values derived from sample data that is likely to contain the value of an unknown population parameter, with a given probability.

Child Development

The physical, cognitive, social, and emotional changes that occur in humans from birth through late adolescence.

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The sum of the ages of all individuals in a group divided by the number of individuals, representing the central age of the group.