Cal, Inc., had a $$4$ million note payable due on March $15,$ Year $2.$ On January $28,$ Year $2,$ before the issuance of iss Year $1$ financial statements, Call issued longterm bonds in the amount of $$4\mathrm{.}5$million. Proceeds from the bonds were used to repay the note when it came due. How should Cali classily the note in its December $31,$ Year $1,$ financlal statemerts?

As a current liability, with separate disclosure of the note refinancing.

As a noncurrent lability, with separate disclosure of the note refinancing.

As a current liability, with ne separate disclosure required.

As a noncurrent liability, with no separate discloture required.