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Sterling Inc. has two long-term notes outstanding. One is a five-year note for $50,000. An...

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Accounting

Sterling Inc. has two long-term notes outstanding. One is a five-year note for $50,000. An equal amount of principal must be repaid each year of the loan. The other is a seven-year note for $210,000. In the next calendar year, the company will pay $21,000 of the principal. What is total amount of the notes that will be reported as current liabilities on its balance sheet?

a.$40,000

b.$71,000

c.$229,000

d.$31,000

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