At December 31,2010,Burr coporation owes $500,000 on a note payable due February 15,2011.a.If Burr refinances the obligation by issueing a long term note on February 14 and using the proceeds to pay off the note due February 15,how much of the $500,000 should be reported as a current liability in December 31,2010?b.If Burr pays off the note on February 15, 2011 and then borrows $1,000,000 on a long term basis,on March 1,how much of the $500,000 should be reported as a current liability at December 31,2010,the end of the fiscal year?31-Dec-10Notes PayableLong Term NoteBorrow 14-Feb-11 1-Mar-11 5000005000001000000 In all the the cases it will be shown in current liability. As on December 31stit is stand as current…