What the proper balance sheet presentation on december

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Problem 1: On January 1, 2020, Pharoah Company, a calendar-year company, issued $2160000 of notes payable, of which $540000 is due on January 1 for each of the next four years. The proper balance sheet presentation on December 31, 2020, is:

A. Current liabilities, $540000; Long-term Debt, $1620000.
B. Current liabilities, $540000; Long-term Debt, $1080000.
C. Long-term debt, $2160000.
D. Current liabilities, $2160000.

Reference no: EM132792635

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