Sheridan owes $2.5 million that is due on February 28. The company borrows $1800000 on February 25 (5-year note) and uses the proceeds to pay down the $2.5 million note and uses other cash to pay the balance. How much of the $2.5 million note is classified as long-term in the December 31 financial statements?

$1800000.

$2500000.

$0.

$700000.