On January 2,2010,Lester Company,a Calendar-Year Company,issued $40,000 of Notes Payable,of

Multiple Choice

On January 2,2010,Lester Company,a calendar-year company,issued $40,000 of notes payable,of which $10,000 is due on January 2 for each of the next four years.The proper balance sheet presentation on December 31,2010,is

A) Current Liabilities, $40,000.
B) Current Liabilities, $10,000; Long-Term Liabilities, $30,000.
C) Long-Term Liabilities, $40,000.
D) Current Liabilities, $30,000; Long-Term Liabilities, $10,000.