On January 2, 2010, Lester Company, a calendar-year company, issued $40,000 of notes payable, of which $10,000 is due on January 2 for each of the next four years. The proper balance sheet presentation on December 31, 2010, is
a. Current Liabilities, $40,000.
b. Current Liabilities, $10,000; Long-Term Liabilities, $30,000.
c. Long-Term Liabilities, $40,000.
d. Current Liabilities, $30,000; Long-Term Liabilities, $10,000.
B
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