At December 31, Year 2, an entity that prepares its financial statements using IFRS had the following obligations that were expected to be refinanced:

17% note payable$140,00015% note payable$200,000The 17% note payable was issued on October 1, Year1, and matures on July 1, Year 3. Noloanagreement existing at the balance sheet date provides forrefinancing. The 15% note payable was issued on May 1, Year 1, and matures on May 1, Year3. On February 1, Year 3, the entire $140,000 balance of the 17% note payable was refinanced by issuance of a long-termdebtinstrument. On February 7, Year 3, the entity entered into a noncancelable agreement with alendertorefinancethe 15% note payable on a long-term basis. The financial statements were authorized to be issued on March 1, Year 3. The total amount of obligations that may be properly excluded from current liabilities on the entity's December 31, Year 2, balance sheet is$340,000

$200,000

$0

$140,000