A company has a $48,000 loan to be paid off over 24 months. Principal payments are $2,000 per month. Assume one payment has been made. The current and long-term portions of the loan after the payment:

Question 23 options:

a)

$48,000 current and $0 long-term

b)

$24,000 current and $22,000 long-term

c)

$24,000 current and $24,000 long-term

d)

$22,000 current and $24,000 long-term