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1-9 O O O C Sergio Building Products Company reported a $489,000 short-term note...

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Accounting

1-9 O O O C Sergio Building Products Company reported a $489,000 short-term note payable on its December 31, 2022, trial balance. The note is due on March 23, 2023. On February 2, 2023, Sergio extended the term of the loan for $318,000 of the balance, changing the due date to March 23, 2024. Sergio finalized the loan extension on February 2, 2023, and it is not subject to any modifications. Sergio released financial statements on February 16, 2023. How should Sergio classify the $489,000 note payable on the December 31, 2022, balance sheet? Provide any necessary journal entries. How should Sergio classify the $489,000 note payable on the December 31, 2022, balance sheet? Sergio should reclassify the refinanced amount as as a Sergio should classify the remaining and leave all other cells blank.) Record the entry for December 31, 2022. (Record debits first, then credits. Exclude explanations from any journal entries. If no entry is required, select "No Entry Required" on the first Account line Account December 31, 2022
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