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On December 31, 2021, Titanic Corporation had a $2,200,000 note payable outstanding, due July 31, 2022. Titanic borrowed the money to finance construction of a new plant. Titanic planned to refinance the note by issuing long-term bonds. Because Titanic temporarily had excess cash, it prepaid $570,000 of the note on January 23, 2022. In February 2022, Titanic completed a $3,700,000 bond offering. Titanic 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, Titanic issued its 2021 financial statements. What amount of the note payable should Titanic include in the long-term liabilities section of its December 31, 2021, balance sheet?

Multiple Choice

• $0.

• $2,200,000.

• $570,000.

• $1,630,000.