On December $31,2020,$ Unger Co$.,($which reports under ASPE$),$ has $$4,000,000$ of short$-$term notes payable due on February $14,2021.$ On February $2,2021,$ Unger arranged a long$-$term loan which is based on borrowing against $70\%$ of its inventory cost value which will vary between $$3,000,000$ in May and $$4,440,000$ in November. It intends to use proceeds to pay the short$-$term notes payable due on February $14,2021$ and to pay the balance of it in cash. The amount of the short$-$term notes payable that should be reported as current liabilities on the December $31,2020$ balance sheet that is issued on March $5,2021$ is

a$.$

$$0.$

b$.$

$$1,600,000$

c$.$

$$892,000.$

d$.$

$$1,900,000$

e$.$

$$4,000,000.$