On December 31, 2017, Street Ltd.has $2,000,000 in short-term notes payable due on February 14, 2018.On January 10, 2018, 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, 2018, 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, 2017 statement of financial position (to be issued on March 5, 2018)is

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The short-term notes payable of $2,000,000 were due on February 14, 2018, which is within one year from the statement of financial position date of December 31, 2017. Therefore, they should be reported as current liabilities on the December 31, 2017 statement of financial position. Even though Street later liquidated a portion of the short-term notes payable with the proceeds from the borrowing from Regal Bank, this does not change the fact that the full amount of $2,000,000 was outstanding as of December 31, 2017. As a result, the answer is (D) $2,000,000.