M10-5 Reporting Current and Noncurrent Portions of Long-Term Debt [LO 10-2] On December 1, 2018, your company borrowed $37,500, a portion of which is to be repaid each year on November 30. Specifically, your company will make the following principal payments: 2019, $5,000; 2020, $7,500; 2021, $10,000; and 2022, $15,000. Show how this loan will be reported in the December 31, 2019 and 2018 balance sheets, assuming principal payments will be made when required. Balance Sheet (Partial) As of December 31 2019 2018 Current Liabilities Current Portion of Long-term Debt Long-term Liabilities Long-term Debt Total Liabilities $ 0 $ 0