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How much be included in current liabilities section of kola

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Question 1: On July 1, 2020, KOLA Corporation issued a five-year note payable with a face value of ?250,000 and a 10% interest rate. The terms of the note require KOLA to make five annual payments of ?50,000 plus accrued interest, with the first payment due on June 30, 2021. With respect to the note, how much would be included in the current liabilities section of KOLA's December 31, Statement of Financial Position?

Option 1: ? 12,500

Option 2: ? 75,000

Option 3: ? 62,500

Option 4: ? 50,000

Reference no: EM132999166

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