Anderson amp allen incs fiscal year ends on december 31

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Anderson & Allen, Inc.'s fiscal year ends on December 31, 2014. The company had a $4,500,000 note payable outstanding, due June 1, 2015. The company borrowed the money to finance construction of a new plant. It planned to refinance the note by issuing long-term bonds. Because the company temporarily had excess cash, it prepaid $1,500,000 of the note on February 2, 2015. In February 2015, the company completed a $9,000,000 bond offering and will use the bond offering proceeds to repay the note payable at its maturity and to pay construction costs during 2015. On March 4, 2015, the company issued its 2014 financial statements. What amount of the note payable should be included in the long-term liabilities section of its December 31, 2014, balance sheet?

Reference no: EM13572329

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