Question: On January 1 , 2 0 2 1 , ABC Co . took out a four - year, $ 4 0 0 , 0 0

On January 1,2021, ABC Co. took out a four-year, $400,000 loan from the bank. The loan is payable in equal annual installments. How should this loan be reported on a classified balance sheet as at January 1,2021?
Select one:
a. $400,000 current liability
b. $400,000 current liability
c. $100,000 current liability; $300,000 long-term liability
d. $400,000 non-current liability

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