Question: On December 3 1 , 2 0 2 4 , L Incorporated had a $ 1 , 7 0 0 , 0 0 0 note

On December 31,2024, L Incorporated had a $1,700,000 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 $520,000 of the note on January 23,2025. In February 2025, L completed a $3,200,000 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, Lissued 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
$0
$1,700,000
$1,180,000
$520,000
On December 3 1 , 2 0 2 4 , L Incorporated had a

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