Keller Company Issued a Five-Year Interest-Bearing Note Payable for $300,000

Multiple Choice

Keller Company issued a five-year interest-bearing note payable for $300,000 on January 1, 2016. Each January the company is required to pay $60,000 on the note. How will this note be reported on the December 31, 2017, balance sheet?

A) Long-term debt, $300,000
B) Long-term debt, $240,000
C) Long-term debt, $180,000; Long-term Debt due within one year, $60,000
D) Long-term debt of $240,000; Long-term Debt due within one year, $60,000