On 1 March 2010 Andrew took out a loan for $50 000. The loan is to be repaid in five equal annual instalments, with the first repayment falling due on 1 March 2011. How should the balance on the loan be reported on Andrew’s year-end statement of financial position as at 30 April 2009?

a. $50 000 as a current liability

b. $50 000 as a noncurrent liability

c. $10 000 as a current liability and $40 000 as a noncurrent liability

d. $40 000 as a current liability and $10 000 as a noncurrent liability ACCA adapted LO1.