Answer:
$1,800,000
Explanation:
Given short term notes payable = $3,000,000
Total amount used to liquidate short term notes = $2,200,000
Balance = $3,000,000 - $2,200,000 = $800,000
The additional $1,200,000 which is borrowed from Country Bank will not increase the short term notes payable because it's a long term credit
The additional $1,000,000 cash used will now be added to the balance amount
Amount to be reported as current liabilities = $1,000,000 + $800,000
= $1,800,000
Therefore the amount of the short-term notes payable that should be reported as current liabilities on the December 31, 2019 balance sheet which is issued on March 5, 2020 is $1,800,000
