On December 31, 2022, Holmes Watson Corporation had a $1,500,000 note payable outstanding, due September 30, 2023. Holmes borrowed the money to finance construction of a new building. Holmes planned to refinance the note by issuing long-term bonds. Because Holmes temporarily had excess cash, it prepaid $500,000 of the note on January 22, 2023. In February 2023, Holmes completed a $3,000,000 bond offering. Holmes will use the bond offering proceeds to repay the note payable at its maturity and to pay construction costs during 2023. On March 22, 2023, Holmes issued its 2022 financial statements. What amount of the note payable should Holmes include in the current liabilities section of its December 31, 2022, balance sheet?

$1,500,000.

$500,000.

$1,000,000.

$0.