The following information is given for Airflight Airlines:

• As of December 31, 2015, Airflight had $10,000 of notes coming due on January 30, 2016. Also as of December 31,2015, Airflight was negotiating to issue long-term debt so that it could use the proceeds to liquidate these short-termnotes as they mature. On January 4, 2016, the company used $3,000 of excess cash to pay off part of the note. OnJanuary 29, 2016, a refinancing of the entire $10,000 was completed. The $3,000 was replaced and the rest of the notes were extended for another two years.
• Airflight has negotiated a long-term refinancing contract which permits Airflight to borrow an up to 60% of accountsreceivable balances to refinance debt. Accounts receivable are expected to range between $12,000 and $16,000next year.
• Airflight also has negotiated a new long-term refinancing contract which permits Airflight to borrow an amount up to 35%of inventory to refinance debt. Inventory is expected to range between $75,000 and $85,000 next year.

Required:

1. On the December 31, 2015 balance sheet, how much of the $10,000 note should be shown as short-term?
2. Airflight has a currently maturing note payable of $20,000 related to the accounts receivable refinancing contract. Howmuch of the $20,000 note payable can be classified as long-term debt at the end of 2015?
3. Compute the amount of the company's currently maturing note payable of $50,000 related to refinancing inventory thatmust be classified as short-term debt on December 31, 2015.