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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?7 Q* O% U/ Z( j- | @
A. Both should be classified as current.
$ D: {/ m7 j0 R' z/ O6 LB. Both should be classified as non-current.3 [% v+ {$ @! J, ~; T
C. One should be classified as current and one should be classified as non-current.
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