E13-3 (Re financing of S hort-Te De On De m r 31, 2007, Hattie rm bt) ce be McDanie C pany had $1,200,000 of short-te de in theformof note l om rm bt s payabledueFe bruary 2, 2008. On January 21, 2008, thecom pany issue d 25,000 share of its com on stock for $38 pe share re iving $950,000 s m r , ce proce ds afte broke fe s and othe costs of issuance On Fe e r rage e r . bruary 2, 2008, theproce ds fromthestock sale supple e d by an additional $250,000 cash, e , m nte areuse to liquidatethe$1,200,000 de TheDe m r 31, 2007, balanceshe t d bt. LO 2 Explain the classification issues of short-term debt expected to be refinanced. What is a Current Liability?