Company N has a 5-year note payable that will mature on March 17, 2012.Company N has an agreement with a local bank to refinance the liability by issuing a new note payable. On its December 31, 2011 balance sheet, N shouldreport the note payable as a current liability report the note payable as a long-term liability-not report the note payable on the balance sheet because it is going to be refinanced transfer the amount of the note payable to stockholders' equity.