On December 31, 2014, Street Ltd.has $2,000,000 in short-term notes payable due on February 14, 2015.On January 10, 2015, Street arranged a line of credit with Regal Bank, which allows Street to borrow up to $1,500,000 at 1% above the prime rate for three years.On February 2, 2015, Street borrowed $1,200,000 from Regal Bank and used $500,000 additional cash to liquidate $1,700,000 of the short-term notes payable.Assuming Street adheres to IFRS, the amount of the short-term notes payable that should be reported as current liabilities on Street's December 31, 2014 statement of financial position (to be issued on March 5, 2015)is

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The Answer of On December 31, 2014, Street Ltd.has $2,000,000 in short-term notes payable due on February 14, 2015.On January 10, 2015, Street arranged a line of credit with Regal Bank, which allows Street to borrow up to $1,500,000 at 1% above the prime rate for three years.On February 2, 2015, Street borrowed $1,200,000 from Regal Bank and used $500,000 additional cash to liquidate $1,700,000 of the short-term notes payable.Assuming Street adheres to IFRS, the amount of the short-term notes payable that should be reported as current liabilities on Street's December 31, 2014 statement of financial position (to be issued on March 5, 2015)is