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On December 31, 2018, L Inc. had a $2,400,000 note payable outstanding, due July 31, 2019. L borrowed the money to finance construction of a

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On December 31, 2018, L Inc. had a $2,400,000 note payable outstanding, due July 31, 2019. 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 $590,000 of the note on January 23, 2019. In February 2019, L completed a $3,900,000 bond offering. L will use the bond offering proceeds to repay the note payable at its maturity and to pay construction costs during 2019. On March 13, 2019, L issued its 2018 financial statements. What amount of the note payable should L include in the current liabilities section of its December 31, 2018, balance sheet? Multiple Choice $590,000. $0. $2,400,000. $1,810,000

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