Question: At December 3 1 , 2 0 2 5 , Burr Corporation owes $ 5 0 0 , 0 0 0 on a note payable

At December 31,2025, Burr Corporation owes $500,000 on a note payable due February 15,2026. If Burr pays off the note on February 15,2026, 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 31,2025, the end of the fiscal year? Burr issues the balance sheet on March 1,2026.

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