On March 1,2018,Barker Services Issued a 5% Long-Term Notes Payable

Multiple Choice

On March 1,2018,Barker Services issued a 5% long-term notes payable for $21,000.It is payable over a 3-year term in $7000 annual principal payments on March 1 of each year plus interest,beginning March 1,2019.How will the notes payable be shown on the balance sheet dated December 31,2018?

A) $21,000 shown as current liability only
B) $7000 shown as current liability and $21,000 shown as long-term liability
C) $7000 shown as current liability and $14,000 shown as long-term liability
D) the entire $21,000 shown as long-term liability