Vallarta Company recently reported notes payable and accrued payrolls and benefits as follows:

Assume that, during 2020, Vallarta Company borrowed \(\$ 3\) million on notes payable. Also assume that Vallarta paid \(\$ 250\) million for employee compensation and benefits during 2020.
Required 1. Compute Vallarta Company's payment of notes payable during 2020.
2. Compute Vallarta Company's employee compensation expense for 2020.

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Current liabilities (partial) Notes payable Accrued payrolls and benefits December 31, 2020 2019 (in millions of dollars) $ 26 $ 78 270 298