At December 31, 20x7, Cain, Inc., owed notes payable of 1,750,000, due on May 15, 20x8. Cain expects to retire this debt with proceeds from the sale of 100,000 share of its common stock. The stock was sold for 15 per share on March 10, 20x8, prior to the issuance of the year-end financial statements. In Cain's December 31, 20x7, balance sheet, what amount of the notes payable should be excluded from current liabilities? show the solution.