?

On December 31, year 2, Largo, Inc. had a $750,000 note
payable outstanding, due July 31, year 3. Largo borrowed the
money to finance construction of a new plant. Largo planned to
refinance the note by issuing long-term bonds. Because Largo
temporarily had excess cash, it prepaid $250,000 of the note on
January 12, year 3. In February year 3, Largo completed a
$1,500,000 bond offering. Largo will use the bond offering proceeds
to repay the note payable at its maturity and to pay construction
costs during year 3. On March 3, year 3, Largo issued
its year 2 financial statements. What amount of the note payable
should Largo include in the current liabilities section of its December
31, year 2 balance sheet?