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At December 31, 2017, Indigo Corporation owes $549,500 on a note payable due February 15, 2018.
If Indigo refinances the obligation by issuing a long-term note on February 14 and using the proceeds to pay off the note due February 15, how much of the $549,500 should be reported as a current liability at December 31, 2017? (Do not leave any answer field blank. Enter 0 for amounts.)
The amount to be reported as a current liability at December 31, 2017
$___________
If Indigo pays off the note on February 15, 2018, and then borrows $1,099,000 on a long-term basis on March 1, how much of the $549,500 should be reported as a current liability at December 31, 2017, the end of the fiscal year? (Do not leave any answer field blank. Enter 0 for amounts.)
The amount to be reported as a current liability at December 31, 2017
$___________
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