A 4-year, 8%, $40,000 note payable was issued on January 1, Year 1. The maker is required

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A 4-year, 8%, $40,000 note payable was issued on January 1, Year 1. The maker is required to pay $10,000 plus interest on December 31 of every year for the next four years. What amount should be reported as a long-term liability on January 1, Year 2?