IMC Inc. presents the following data. IMC Inc. has never paid a dividend on its common stock, and it issued $2,400,000 of 10-year non-callable, long-term debt in 2019. As of the end of 2020, none of the principal on this debt had been repaid. Assume that the company's sales in 2019 and 2020 were the same. Question: IMC Inc. repaid some of the long-term debt in 2020. True or False?

Assets:	2020	2019
Cash	200,000	170,000
Accounts receivable	864,000	700,000
Inventories	2,000,000	1,400,000
Total current assets	3,064,000	2,270,000
Net fixed assets	6,000,000	5,600,000
Total assets	9,064,000	7,870,000
	2020	2019
Liabilities and equity:
Accounts payable	1,400,000	1,090,000
Notes payable	1,600,000	1,800,000
Total current liabilities	3,000,000	2,890,000
Long-term debt	2,400,000	2,400,000
Common stock	3,000,000	2,000,000
Retained earnings	664,000	580,000
Total common equity	3,664,000	2,580,000
Total liabilities and equity	9,064,000	7,870,000