z Instructions Question 5 4 pt Included in Barron Corp's liability account balances at December 31, 2020, were the following: 7% note payable issued October 1, 2020, maturing September 30, 2021 $400,000 8% note payable issued April 1, 2020, payable in four equal annual installments of $300,000 beginning April 1, 2021 1,200,000 On December 20, 2020, Barron consummated a noncancelable agreement with the lender to refinance the 7%, $400,000 note on a long-term basis, on readily determinable terms. On the December 31, 2020 balance sheet, the amount of the notes payable that Barron should classify as short-term obligations is $1,600,000 $700,000. $300,000. $400,000 Next