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One of a firm assets is 270-day commercial paper that the firm intends to hold to maturity. One of its liabilities is a short position in a common stock, which the firm holds for trading purposes. How should this asset and this liability be classified on the firm balance sheet?. u- J' b% L2 T# B- L9 B
A. Both should be classified as current.
5 j0 w! s7 h3 T# d( w- |2 LB. Both should be classified as non-current.
- ^. z8 V A- g+ |" Q/ L8 ~! V9 \7 i7 wC. One should be classified as current and one should be classified as non-current.+ _" j9 \( R' p" }. Y- y
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