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b. 2

c. 3

d. Both 2 and 3 are true.

24. Among the short-term obligations of Lance Company as
of December 31, the balance sheet date, are notes payable
totaling $250,000 with the Madison National Bank. These are
90-day notes, renewable for another 90-day period. These notes
should be classified on the balance sheet of Lance Company as

a. current liabilities.