At December 31, 2017, Concord Corporation owes $520,400 on a note payable due February 15, 2018.

A) If Concord refinances the obligation by issuing a long-term note on February 14 and using the proceeds to pay off the note due February 15, how much of the $520,400 should be reported as a current liability at December 31, 2017?

The amount to be reported as a current liability at December 31, 2017: B) If Concord pays off the note on February 15, 2018, and then borrows $1,040,800 on a long-term basis on March 1, how much of the $520,400 should be reported as a current liability at December 31, 2017, the end of the fiscal year?

The amount to be reported as a current liability at December 31, 2017: