On December 1, 2021, a company issued a note payable of $50,000, of which $10,000 will be repaid each year. What is the proper classification of this note on the December 31, 2021 balance sheet?

Group of answer choices

$50,000 current liability

$10,000 long-term liability; $40,000 current liability

$10,000 current liability; $40,000 long-term liability

$20,000 long-term liability; $30,000 current liability

$50,000 long-term liability