Coaster Corporation started in business on October 1, 2020. Following are some of the transactions the company had during 2020: . Oct. 1 - Sold stock to stockholders for $40,000. Oct. 1 - Borrowed $20,000 from the bank. Coaster will not make any payments on this loan until Oct 1, 2022, and at that time, it will owe $23,000. Oct. 1 - Bought inventory for $12,000 on account. . Nov. 18 - Paid one-half of the accounts payable. Dec. 10 - Sold $3,500 of inventory for $18,000 on account. Dec. 26 - Received utility bill for $1,200 for 2020. This will be paid in Jan., 2021. . How much were Coaster's long-term liabilities at December 31, 2020? O $20,375 O $20,000 O $23,000 O $20.625 O None of the above