Business, 06.05.2020 04:36 troyjbabyjohnson

On December 31, 2021, Cirkin Inc. had a $1,500,000 note payable outstanding, due July 31, 2022. Cirkin borrowed the money to finance construction of a new plant. Cirkin planned to refinance the note by issuing long-term bonds. Because Cirkin temporarily had excess cash, it prepaid $500,000 of the note on January 23, 2022. In February 2022, Cirkin completed a $3,000,000 bond offering. Cirkin will use the bond offering proceeds to repay the note payable at its maturity and to pay construction costs during 2022. On March 13, 2022, Cirkin issued its 2021 financial statements. What amount of the note payable should Cirkin include in the noncurrent liabilities section of its December 31, 2021, balance sheet?

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On December 31, 2021, Cirkin Inc. had a $1,500,000 note payable outstanding, due July 31, 2022. Cirk...

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