At December 31 . 2014, Strom Corp owed notes payable of $1,000,000 with a maturity date of April 30, 2015 . These notes did not arise from transactions in the normal course of business. On February 1 . 2015, Strom issued $3,000,000 of ten-year bonds with the intention of using part of the bond proceeds to liquidate the $1,000,000 of notes payable. Strom's December 31 . 2014, financial statements
were issued on March 29, 2015 . How much of the $1,000,000 notes payable should be classified as current in Strom's balance sheet at December 31 . 2014?
a. $0
b. $100,000
c. $900,000
d. $1,000,000
A
Business
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