Bahringer Incorporated ordered equipment on December 31, 2020. The equipment costs $82,250 and is expected to be delivered in December 2021. The bill has been received and payment has yet to be made. Where would this transaction be classified on the balance sheet for the year ended December 31, 2020? A) None of the answers are correct. B) Long-term liability. C) Current asset. D) Long-term asset. E) Current liability.

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