Orpheus Technologies recently leased some computer equipment to Collins Consulting. Currently, Collins has a total lease liability of $$68,000,$ although it expects to pay $$18,000$ of that amount to Orpheus within the next $12$ months. Based on this information, which of the following statements is true?

In relation to this lease, Collins should report a $$68,000$ long$-$term liability on its balance sheet.

In relation to this lease, Collins should report a $$50,000$ current liability on its balance sheet.

In relation to this lease, Collins should report a $$50,000$ long$-$term liability on its balance sheet.

In relation to this lease, Collins should report a $$68,000$ current liability on its balance sheet.