Using the information provided in BE14-34, how should Megga classify the $ 1,500,000 note payable on the December 31 balance sheet under IFRS? Provide any necessary journal entries.

Data from BE14-34

Megga Brands. Inc, borrowed$ 1,500,000 from Telcity Bank. The note payable has a term of 15 years and carries a 4% coupon interest. Because it had an inadequate credit score, Megga Brands agreed to several restrictive debt covenants. The debt agreement requires the company to maintain a compensating balance of $150,000. On December 15, Megga was forced to draw down on the compensating balance to meet working capital requirements. The loan became callable by Telcity on December 31 of the current year. On January 15, Telcity granted Megga a waiver and opted not to call its debt. Megga will release its annual financial statements to shareholders on February 15. How should Megga classify the $1,500,000 note payable on the December 31 balance sheet?