January 1, Irving Company purchased equipment of $280,000 with a long-term note payable. The debt is payable in annual installments of $56,000 due on December 31 of each year. At the date of purchase mpany report the note payable? the date of purchase, Irving will report the following: A. $280,000 will show as notes payable in the long-term liability section, with no current portion. B. $112,000 as current portion of notes payable in the current liability section. The remaining $168,000 will show as a notes payable in the long-term liability section. C. $56,000 as current portion of notes payable in the current liability section. The remaining $224,000 will show as a notes payable in the long-term liability section. D. None of the above.