At December 31, 2025, Buffalo Corporation owes $491,800 on a note payable due February 15, 2026.
Your answer is incorrect.
If Buffalo had restructured the note on December 15, 2025, such that Buffalo has the contractual right to defer payment of $245,900 of the note until February 15, 2027, how much of the $491,800 should be reported as a current liability at December 31, 2025?
The amount to be reported as a current liability at December 31, 2025
$ 122950