Need step by step explanation for the following:

A company borrowed $10 million by signing a 5-year note on 12/31/16. Repayment of the principal are payable annually in installments of $2 million each. The company makes its first principal payment on 12/31/17 and then prepares its balance sheet. Determine what amount will be reported as current and long-term liabilities respectively at 12/31, after the first payment is made.