On Dec. 31, 2015, Wagner Co. had $1.6 million of short term debt due on Feb. 19 2016. On Jan. 10 2016, Wagner arranged for a line of credit with City Bank up to $1.2 million at 1% above prime rate, with the principal due in three years. On Feb. 2, 2016, Wagner actually borrowed $1 million from the line of credit and used the proceeds to help pay off the $1.6 million short term debt. of the $1.6 million short term debt, what amount should still be reported as short term liabilities on the December 31, balance sheet, which is issued on Mar. 5, 2016?

A. 0

B. 600,000

C. 1,000,000

D. 1,600,000

E. None of the above (what is the correct answer than)