As at 31 December 20X3 Biraca Corp. has three sources of long-term debt outstanding:
1. $1.3M note payable that matures on July 31, 20X6
2. $3M bonds payable that mature October 31, 20X8
3. $2.5M bank loan, due April 30, 20X6
The note payable has a 6% interest rate. The bonds payable have a stated rate of 6.5% and the effective interest rate at issuance was 6%. The bank loan has a 5% interest rate.
Biraca Corp. has a debt-to-equity covenant from the bank whereby the ratio cannot exceed 2:1 at each quarter-end.

Required:
Using only the information provided, prepare the note disclosure required for Biraca Corp’s longterm debt at 31 December 20X3.