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Jenkins Corporation has $2,500,000 of short-term debt as of 12/31/2020.  Jenkins has the intention and...

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Accounting

Jenkins Corporation has $2,500,000 of short-term debt as of 12/31/2020.  Jenkins has the intention and the ability to refinance the loan to LT.  The company is working with a local bank and the bank has approved a refinancing loan of $2,300,000.  It will take a few weeks to close.  The loan should close by the end of January 2021, well before the audited financial statements are issued. How much of the $2,500,000 ST Notes Payable should be reclassed to Long Term Notes Payable on the 12/31/2020 Balance sheet?

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