Prepare a memo that explains your position. Make sure to cite the FASB codification

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June 7th, 2024

Prepare a memo that explains your position. Make sure to cite the FASB codification. 1) Financial Instrument ClassificationSandberg Co. has recently issued a 1% $10,000,000 debt obligation to the Santo Investment Group. The obligation has no maturity date; rather the $10 million will only be redeemed to Santo when Sandberg is liquidated, either through bankruptcy or sale. The CFO of Sandberg believes that, since it contains most of the features of a debt obligation, the $10 million should be classified as a liability on their balance sheet. The CEO believes that, since it does not have a specific redemption date, it should be classified as equity. Research the relevant GAAP and determine who is correct. Explain your answer in a memo and cite the codification you used to support your position.

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