Camrey Company Issued a Five-Year, Interest-Bearing Note Payable for $50,000

Multiple Choice

Camrey Company issued a five-year, interest-bearing note payable for $50,000 on January 1, 2019. Each January Camrey is required to pay $10,000 principal on the note. What is the amount that will be reported on the long-term portion of long-term notes payable on the December 31, 2021 balance sheet?

A) $10,000
B) $40,000
C) $30,000
D) $20,000