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On December 3 1 , 2 0 2 4 , L Incorporated had a $ 3 , 3 0 0 , 0 0 0 note

On December 31,2024, L Incorporated had a $3,300,000 note payable outstanding, due July 31,2025. L borrowed the money to finance construction of a new plant. L planned to refinance the note by issuing long-term bonds. Because L temporarily had excess cash, it prepaid $680,000 of the note on January 23,2025. In February 2025, L completed a $4,800,000 bond offering. L will use the bond offering proceeds to repay the note payable at its maturity and to pay construction costs during 2025. On March 13,2025, L issued its 2024 financial statements. What amount of the note payable should L include in the current liabilities section of its December 31,2024, balance sheet?

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