How should Taylor report the note payable in its December

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How should Taylor report the note payable in its December

On December 31, year 1, Taylor, Inc. signed a binding agreement with a bank for the refinancing of anexisting note payable scheduled to mature in February, year 2. The terms of the refinancing includedextending the maturity date of the note by three years. On January 15, year 2, the note was refinanced.How should Taylor report the note payable in its December 31, year 1, balance sheet?a. A current liability.b. A long-term liability.c. A long-term note receivable.d. A current note receivable.

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