Austin Corporation has a $$56$ million liability at December $31,2024,$ of which $$15$ million is payable in $2025,$ and the remainder is due in later years. In its December $31,2024$ balance sheet, how should the company report the $$56$ million debt?

Multiple Choice

$$56$ million long$-$term liability

$$56$ million current liability

$$15$ million current liability and a $$41$ million long$-$term liability