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  3. t december 31, 20x1, carter corp. has an installme

t December 31, 20X1, Carter Corp. has an installment note payable alance of $100,000. This...

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Accounting

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t December 31, 20X1, Carter Corp. has an installment note payable alance of $100,000. This note was originally issued on December 31, 20X1, and will be paid back in equal monthly installments over a five-year period. $14,285 of the outstanding amount of $100,000 on December 31 20X1, will be paid back in 20X2. Question: How should this note be classified in the liability section of Carter's balance sheet at December 31, 20X1? Select one: Oa. The full $100,000 should be classified in the long-term liability section Ob. $14,285 should be classified in the current liability section, and $85,715 should be classified in the long-term liability section. c. The full $100,000 should be classified in the current liability section d. $85,715 should be classified in the current liability section, and $14,285 should be classified in the long-term liability

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