UNILEVER Company, a cleaning products supplier, has $9,000,0…

UNILEVER Company, a cleaning products supplier, has $9,000,000 of notes payable due July 19, 2024. At December 31, 2023, UNILEVER signed an agreement with First Bank to borrow up to $10,000,000 to refinance the notes on a long-term basis. The agreement specified that borrowings would not exceed 75% of the value of the collateral that UNILEVER provided. On February 14, 2024, the date that UNILEVER issued their December 31, 2023 financial statements, the value of UNILEVER’s collateral was $10,000,000.   On its December 31, 2023 balance sheet, UNILEVER should classify the notes as follows: