Included in Vernon Corp.'s liability account balances at December 31, 2010, were the following: Vernon's December 31, 2010 financial statements were issued on March 31, 2011.On January 15, 2011, the entire $600,000 balance of the 8% note was refinanced by issuance of a long-term obligation payable in a lump sum.In addition, on March 10, 2011, Vernon consummated a noncancelable agreement with the lender to refinance the 7%, $250,000 note on a long-term basis, on readily determinable terms that have not yet been implemented.On the December 31, 2010 statement of financial position, the amount of the notes payable that Vernon should classify as short-term obligations is

Question

Included in Vernon Corp.'s liability account balances at December 31, 2010, were the following:  Vernon's December 31, 2010 financial statements were issued on March 31, 2011.On January 15, 2011, the entire $600,000 balance of the 8% note was refinanced by issuance of a long-term obligation payable in a lump sum.In addition, on March 10, 2011, Vernon consummated a noncancelable agreement with the lender to refinance the 7%, $250,000 note on a long-term basis, on readily determinable terms that have not yet been implemented.On the December 31, 2010 statement of financial position, the amount of the notes payable that Vernon should classify as short-term obligations is

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The Answer of Included in Vernon Corp.'s liability account balances at December 31, 2010, were the following:  Vernon's December 31, 2010 financial statements were issued on March 31, 2011.On January 15, 2011, the entire $600,000 balance of the 8% note was refinanced by issuance of a long-term obligation payable in a lump sum.In addition, on March 10, 2011, Vernon consummated a noncancelable agreement with the lender to refinance the 7%, $250,000 note on a long-term basis, on readily determinable terms that have not yet been implemented.On the December 31, 2010 statement of financial position, the amount of the notes payable that Vernon should classify as short-term obligations is