Part I: Problem Separating current portion of long-term debt. 1. A building is purchased for $650,000 with a $200,000 down- payment and a $450,000 mortgage. The mortgage is payable at $2,500 per month plus interest. A. What amount will appear on the balance sheet as a long-term liability in the first month? $ B. What amount will appear on the balance sheet as a current liability in the first month? $ 2. Assume that one month has elapsed and the company in Problem 1 has in timely manner paid its mortgage payment consisting of $2,500 on the principal and $4,500 toward interest; total payment was $7,000. A. What amount will appear on the balance sheet as a long-term liability? $ B. What amount will appear on the balance sheet as a current liability? $