Question: The $ 1 , 0 0 0 , 0 0 0 bank loan was refinanced with a 2 0 - year loan on January 1

The $1,000,000 bank loan was refinanced with a 20-year loan on January 15, Year 2, with the first principal payment due January 15, Year 3. Willems audited financial statements were issued February 28, Year 2. What amount should Willem report as current liabilities at December 31, Year 1?

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