ABC Co. has the following liabilities at December 31, 2018:

8.9% note payable issued November 1, 2018, maturing

October 31, 2019$1,150,000

7.25% note payable issued August 1, 2018, payable in twelve equal

annual installments of $90,000 beginning August 1, 2019$1,080,000

ABC Co.'s December 31, 2018 financial statements were issued on March 19, 2019. On January 23, 2019, the entire $ 1,150,000 balance of the 8.9% note was refinanced by issuance of a longterm obligation payable in a lump sum. In addition, on December 29, 2018, ABC Co. consummated a non-cancelable agreement with the lender to refinance the 7.25%, $1,080,000 note on a longterm basis, on readily determinable terms that have not yet been implemented.

Instruction: Indicate the amount of these notes payable that ABC should classify as shortterm obligations on the December 31, 2018 statement of financial position by expressing your reasoning.