At December 31, 2025, Burr Corporation owes $500,000 on a note payable due February 15, 2026. 

(a) If Burr had restructured the note on December 15, 2025, such that Burr has the contractual right to defer payment of $250,000 of the note until February 15, 2027, how much of the $500,000 should be reported as a current liability at December 31, 2025? 

(b) If Burr pays off the note on February 15, 2026, and then borrows $1,000,000 on a long-term basis on March 1, how much of the $500,000 should be reported as a current liability at December 31, 2025, the end of the fiscal year? Burr issues the balance sheet on March 1, 2026.