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Hoover Company signs a four month promissory note for $ 270,000 on January 31, 2016. The company is required to pay $ 67, 500 on

Hoover Company signs a four month promissory note for $ 270,000 on January 31, 2016. The company is required to pay $ 67, 500 on the note each month. The first payment is on February 1, 2016, and the final payment is on May 1, 2016. How will this note be reported on the balance sheet at January 31, 2016?

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