On December $31,2024,$ L Incorporated had a $$3,500,000$ note payable outstanding, due July $31,2025.$ L borrowed the money to finance construction of a new plant. L planned to refinance the note by issuing long$-$term bonds. Because L temporarily had excess cash, it prepaid $$700,000$ of the note on January $23,2025.$ In February $2025,$ L completed a $$5,000,000$ bond offering. L will use the bond offering proceeds to repay the note payable at its maturity and to pay construction costs during $2025.$ On March $13,2025,$ L issued its $2024$ financial statements. What amount of the note payable should L include in the current liabilities section of its December $31,2024,$ balance sheet?

Multiple Choice

$$700,000$

$$0$

$$2,800,000$

$$3,500,000$