On January 1, 2020, Ermler Company, a Calendar-Year Company, Issued

Multiple Choice

On January 1, 2020, Ermler Company, a calendar-year company, issued $2,000,000 of notes payable, of which $500,000 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, $2,000,000.
B) Long-term debt , $2,000,000.
C) Current liabilities, $500,000; Long-term Debt, $1,000,000.
D) Current liabilities, $500,000; Long-term Debt, $1,500,000.