On July 31, 2020, Able Co. has a $500,000 15-year mortgage outstanding. Over the next year, the company will make 12 payments of $5,000 representing $33,500 of interest and $26,500 of principal repayment. Which of the following best represents how the mortgage will be reported on the July 31, 2020, statement of financial position?

Current liabilities Non-current liabilities

a) $26,500 , $473,500

b) $26,500, $440,000

c) $60,000 , $440,000

d) $60,000, $473,500