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

As a current liability, with no separate disclosure required.

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

As a noncurrent liability, with no separate disclosure required.

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