lee's december 31, year 3 financial statements were issued on march 31, year 4. on january 15, year 4, the entire $200,000 balance of the 16% note was refinanced by issuance of a long-term obligation payable in a lump sum. in addition, on march 10, year 4, lee consummated a noncancelable agreement with the lender to refinance the 14%, $125,000 note on a long-term basis, on readily determinable terms that have not yet been implemented. both parties are financially capable of honoring the agreement, and there have been no violations of the agreement's provisions. on the december 31, year 3 balance sheet, the amount of the notes payable that lee should classify as short-term obligations is