A five-year, $100,000, 4% note payable was issued on December 31, 2014. The note requires principal payments of $20,000 plus interest due each year beginning December 31, 2015. On December 31, 2016, immediately after the note payment, the balance sheet would show:

$40,000 in Long-Term Notes Payable

$6,000 in Interest Payable.

$20,000 in Current Portion of Long-Term Notes Payable and $6,000 in Interest Payable.

$60,000 in Long-Term Notes Payable.

Explain your voting choice using the concepts from the book and video. Provide an argument justifying your voting choice utilizing at least two pieces of evidence or concepts from the video and/or book. How are liabilities reported on the balance sheet