Valencia Corporation has the following liabilities at December 31, 8.9% note payable issued November 1, 2018, maturing 1,150,000 October 31, 2019 7.25% note payable issued August 1, 2018, payable in twelve equal 1,080,000 annual installments of $90,000 beginning August 1, 2019 Valencia's December 31, 2018 financial statements were issued on March 19, 2019. On January 23, 2019, the entire 1,150,000 balance of the 8.9% note was refinanced by issuance of a long-term obligation payable in a lump sum. In addition, on December 29, 2018, Valencia consummated a non-cancelable agreement with the lender to refinance the 7.25%, 1,080,000 note long-tem basis, on readily determinable terms that have not yet been implemented. On the December 31, 2018 statement of financial position, the amount of these notes payable that Valencia should classify as short-term obligations is