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Compute the amount of the short-term notes payable

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Question - On December 31, 2017, Vaughn Manufacturing has $6030000 of short-term notes payable due on February 14, 2018. On January 10, 2016, Vaughn arranged a line of credit with Beach Bank which allows Isle to borrow up to $4470000 at one percent above the prime rate for three years. On February 2, 2018, Vaughn borrowed $3560000 from Beach Bank and used $1450000 additional cash to liquidate $5120000 of the short-term notes payable. The amount of the short-term notes payable that should be reported as current liabilities on the December 31, 2017 balance sheet which is issued on March 5, 2018 is

$2470000.

$1560000.

$0.

$910000.

Reference no: EM132251858

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