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What amount which vebbz should report as current liability

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Problem 1: On December 31, 2018, Vebbz owed a total of $4,000,000 on a number of notes payable which were coming due on various dates between February 14 and March 15, 2019. On January 21, 2019, Vebbz borrowed a 5-year long-term loan of $2,400,000 from The Krypton National Bank. It used the funds from this loan along with $1,000,000 of its cash reserves, to repay $3,400,000 of the short-term notes owed. The financial statements were issued on March 5, 2019 in accordance with ASPE. What is the amount which Vebbz should report as current liabilities on the balance sheet dated December 31, 2018 ?

a. $2,400,000

b. $1,000,000

c. $600,000

d. $4,000,000

e. $1,600,000

Reference no: EM132724481

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