Question: On December 3 1 , 2 0 2 4 , Washburn Co . had a $ 2 , 6 0 0 , 0 0 0

On December 31,2024, Washburn Co. had a $2,600,000 note payable outstanding, due July 31,2025. Washburn borrowed the money to finance construction of a new plant. Washburn planned to refinance the note by issuing long-term bonds. Because Washburn temporarily had excess cash, it prepaid $610,000 of the note on January 23,2025. In February 2025, Washburn completed a $4,100,000 bond offering. Washburn 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, Washburn issued its 2024 financial statements. What amount of the note payable should Washburn include in the current liabilities section of its December 31,2024, balance sheet?Multiple Choice$2,600,000$610,000$1,990,000$0

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