A company borrowed $700,000 on December 1 by issuing a 24-month, 11% note. Both the note and the interest will be paid when the note matures. Which statement is true at December 31? O The company has $6,417 of interest payable that is a current liability. O The company has $7,000 of interest payable that is a long-term liability. O The company has $6,417 of interest payable that is a long-term liability. The company has $3,208 of interest payable that is a long-term liability. O The company has $7,000 of interest payable that is a current liability