Cooper's Inventory Has Been Financed 100% with a Long-Term Note

Multiple Choice

Cooper's inventory has been financed 100% with a long-term note.The note is coming due in 2011.Cooper has received a commitment from a new lender that permits five-year refinancing of debt up to an amount equal to 50% of inventory, which is expected to range between $9, 000 and $15, 000 in 2011.At December 31, 2010, how much of the company's currently maturing note payable can be classified as long-term debt?

A) $4, 500
B) $6, 000
C) $7, 500
D) $9, 000