Today is $12/31/20$X$1,$ and a company has the following long$-$term debt outstanding:

$$ Bonds of $$1$ million due on $12/31/20$X$8.$

$$ Amortizing note payable with a balance of $$500,000$ that will be completely paid off by

$12/31/20$X$9.$ In the next year $(20$X$2),$ the company will make payments on the note

totaling $$100,000,$ of which $$40,000$ is principal and $$60,000$ is interest.

$$ Bonds of $$2$ million due on $12/31/20$X$3.$

What amount will the company report as $$current portion of long$-$term debt" on its balance

sheet?