On December 31, 2020, Vaughn Manufacturing has $6030000 of short-term notes payable due on February 14, 2021. On January 10, 2019, Vaughn arranged a line of credit with Beach Bank which allows Vaughn to borrow up to $4470000 at one percent above the prime rate for three years. On February 2, 2021, Vaughn borrowed $3560000 from Beach Bank and used $1450000 additional cash to liquidate $5120000 of the short-term notes payable. The amount of the short-term notes payable that should be reported as current liabilities on the December 31, 2020 balance sheet which is issued on March 5, 2021 is $ 1560000. $ 910000. $ 2470000. $0