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Find the amount of the short-term notes payable

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Question - On December 31, 2010, Irey Co. has $2,000,000 of short-term notes payable due on February 14, 2011. On January 10, 2011, Irey arranged a line of credit with County Bank that allows Irey to borrow up to $1,500,000 at 1% above the prime rate for 3 years. On February 2, 2011, Irey borrowed $1,200,000 from County Bank and used $500,000 additional cash to liquidate $1,700,000 of the short-term notes payable. Find the amount of the short-term notes payable that should be reported as current liabilities on the December 31, 2010 balance sheet issued on March 5, 2011?

Reference no: EM132454058

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