Question: $1$ Willem Co$.$ reported the following liabilities at December $31,$ Year $1$:

$2\mathrm{.}1\mathrm{.}15$

The $$1,000,000$ bank loan was refinanced with a $20-$year loan on January $15,$

Year $2,$ with the first principal payment due January $15,$ Year $3.$ Willem's audited

financial statements were issued February $28,$ Year $2.$ What amount should

Willem report as current liabilities at December $31,$ Year $1?$

A$.$ $$850,000$

B$.$ $$1,150,000$

C$.$ $$1,250,000$

D$.$ $$2,250,000$