On 1 December 2016,Fine Products Borrowed $96,000 on a 8%,8-Year

Multiple Choice

On 1 December 2016,Fine Products borrowed $96,000 on a 8%,8-year note with annual instalment payments of $12,000.00 plus interest due on 1 December of each succeeding year.On 1 December,the principal amount was initially recorded as Long-term notes payable.What amount of the note payable will be shown as current portion of Long-term notes payable on the balance sheet as of 31 December 2016?

A) $12,000.00
B) $7680.00
C) $24,000.00
D) $19,680.00