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On January 1, 2019, Mazzeo Company, a calendar-year company, issued $1,600,000 of notes payable, of...

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Accounting

On January 1, 2019, Mazzeo Company, a calendar-year company, issued $1,600,000 of notes payable, of which $400,000 is due on January 1 for each of the next four years. The proper balance sheet presentation on December 31, 2019, is

a. Current Liabilities, $1,600,000.

b. Long-term Debt, $1,600,000.

c. Current Liabilities, $800,000; Long-term Debt, $800,000.

d. Current Liabilities, $400,000; Long-term Debt, $1,200,000.

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