On January 2, 2017, Lester Company, a calendar-year company, issued $40,000 of notes payable, of which $5,000 is due on January 2 for each of the next eight years the first payment is due January 2, 2018). The proper balance sheet presentation on December 31, 2017, is
a. Current Liabilities, $40,000.
b. Current Liabilities, $5,000; Long-Term Liabilities, $35,000.
c. Long-Term Liabilities, S40,000.
d. Current Liabilities, $35,000; Long-Term Liabilities, $5,000.
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