On December 31, 2010, Carrboro Textile Company had short term debt in the form of notes payable totaling $600,000. These notes were due on June 1, 2011. Carrboro expected to refinance these notes on a long term basis. On February 1, 2011, Carrboro entered into an agreement with Worldwide Life Insurance Company whereby Worldwide will lend Carrboro $450,000, payable in five years at 12%. The money will be available to Carrboro on May 20, 2011. Carrboro issues its December 31, 2010 year end financial statements on March 2, 2011.
Required:
Show how the $600,000 notes payable will be classified on Carrboro Textile Company's balance sheet on December 31, 2010.