Chap 7 E-15 Hamilton's Bakery borrowed $50,000 on January 1, 2009. The bakery is required to repay $5,000 of the loan principal on January 1 of each year beginning in 2010 plus an amount equal to 10 percent interest rate on the unpaid principal. What is the amount of the current liability on the December 31, 2011 balance sheet? $45,000 $50,000 $35,000 $5,000