On July 1 . 2014, Martinez Manufacturing Co issued a five-year note payable with a face amount of $250,000 and an interest rate of 1 . percent. The terms of the note require Martinez to make five annual payments of $50,000 plus accrued interest, with the first payment due June 30, 2015 . With respect to the note, the current liabilities section of Martinez' December 31 . 2014, balance sheet
should include
a. $12,500.
b. $50,000.
c. $62,500.
d. $75,000.
C
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