ABC Company has Accounts Payable of $35,000. They borrowed $120,000 at 8% interest to purchase land to serve as the location for their storefront. They must make monthly payments according to the purchase agreement. In the first year, the company will pay $10,000 of the principal portion. On the Balance Sheet, what would the company report for current and long-term liabilities? Ocame $10,000 Long-term $120,000 O None, the liabilities are reported on the Income Statement Oca $45,000 Long Cum $45,000, Long- $120,000 $110,000