On December 31, 2006, Frye Co has $3000000 of short-term notes payable due on February 14, 2007. On February 2, 2007, Frye issued three-year notes to borrow $1,500,000 from the County bank and used $300,000 additional cash to liquidate $2,700,000 of the short-term notes payable The amount of the short-term notes payable that should be reported as current liabilities on the December 31, 2006 balance sheet which is issued on March 5, 2007, is?

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Correct answer 1500000 Working ... View the full answer