Question: On October 1 , 2 0 2 1 , a company issued a note payable of $ 1 0 0 , 0 0 0 ,

On October 1,2021, a company issued a note payable of $100,000, of which $10,000 will be repaid each year. What is the proper classification of this note on the company's December 31,2023 balance sheet?
Group of answer choices
$10,000 current liability; $70,000 long-term liability
$10,000 current liability; $90,000 long-term liability
$10,000 current liability; $80,000 long-term liability
$30,000 current liability; $70,000 long-term liability
$10,000 long-term liability; $90,000 current liability

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