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On December 31,2021,L inc. had a $1,600,000 note payable outstanding, due July 31,2022 . L borrowed the money to finance construction of a new plant.

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On December 31,2021,L inc. had a $1,600,000 note payable outstanding, due July 31,2022 . 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 $510,000 of the note on January 23, 2022. In February 2022, L completed a $3,100,000 bond offering. L will use the bond offering proceeds to repay the note payable at its maturity and to pay construction costs during 2022. On March 13.2022. L issued its 2021 financial statements. What amount of the note payable should L include in the current liabilities section of its December 31, 2021 balance sheet

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