$05]$ On December $31,2020,$ Unger Co$.,($which reports under

ASPE$),$ has $$4,000,000$ of short$-$term notes payable due on

February $14,2021.$ On February $2,2021,$ Unger arranged a long$-$

term loan which is based on borrowing against $70\%$ of its inventory

cost value which will vary between $$3,000,000$ in May and

$$4,440,000$ in November. It intends to use proceeds to pay the

short$-$term notes payable due on February $14,2021$ and to pay the

balance of it in cash. The amount of the short$-$term notes payable

that should be reported as current liabilities on the December $31,$

$2020$ balance sheet that is issued on March $5,2021$ is

a$.$ $$0.$

b$.$ $$1,600,000$

c$.$ $$892,000.$

d$.$ $$1,900,000$

e$.$ $$4,000,000.$