19 . Roger Daltrey Company , a building materials supplier , has $18 , 000 , 000 of notes payable due April 12 , 2020 . At December 31 , 2019 , Daltrey signed an agreement with First Bank to borrow up to $18, 000, 000 to refinance the notes on a long-term basis . The agreement specified that borrowings could not exceed 75% of the value of collateral Daltrey* provided . At the date of issue of the December 3 1 , 2019 , financial statements , the value of Daltrey's collateral was $20 , 000 , 000 . On its December 31 , 2019 , balance sheet , Roger Daltrey Company would classify the notes as follows : $15,000, 000 in long-term and $3 , 000 , 000 in current liabilities . B ) $4, 500,000 in long term and $13, 500 , 000 in current liabilities . $18, 000, 000 of current liabilities . D) $18, 000, 000 of long-term liabilities