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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?' m- T* X: p' l7 ?* k$ s; K
A. Both should be classified as current.
) T# O5 M2 b% CB. Both should be classified as non-current. ~% e( O1 E6 p! F
C. One should be classified as current and one should be classified as non-current.% v8 V6 Y! Z5 n% Y5 K
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