On December $31,$ Year $1,$ Largo, Inc. had a $$750,000$ note payable outstanding, due July $31,$ Year $2.$ Largo borrowed the money to finance the construction of a new plant. Largo planned to refinance the note by issuing long$-$term bonds. Because Largo temporarily had excess cash, it prepaid $$250,000$ of the note on January $12,$ Year $2.$ In February Year $2,$ Largo completed a $$1,500,000$ bond offering. Largo will use the bond offering proceeds to repay the note payable at its maturity and to pay construction costs during Year $2.$ On March $3,$ Year $2,$ Largo issued its Year $1$ financial statements. What amount of the note payable should Largo include in the current liabilities section of its December $31,$ Year $1,$ balance sheet?A$.$ $$750,000$ B$.$ $$500,000$ C$.$ $$250,000$ D$.$ $$0$ How to record entry? And how the entry impact on balance sheet?