Barton Chocolates used a promissory note to borrow $1,600,000 on July 1, 2021, at an annual interest rate of 6 percent. The note is to be repaid in yearly installments of $320,000, plus accrued interest, on June 30 of every year until the note is paid in full (on June 30, 2026). Show how the results of this transaction would be reported in a classified balance sheet prepared as of December 31, 2021. (Do not round intermediate calculations.)

BARTON CHOCOLATES
Balance Sheet (partial)
As of December 31, 2021
Current Liabilities
Interest Payable	$48,000
Current Portion of Long-term Debt	320,000
Note Payable (long-term)	1,280,000
Total Current Liabilities	$1,648,000