On January $1,2022,$ Paulding Company, a calendar$-$year company, issued $$1,000,000$ of notes payable, of which $$250,000$ is due on January $1$ for each of the next four years. The proper balance sheet presentation on December $31,2022,$ is

Current liabilities, $$1,000,000.$

Long$-$term debt, $$1,000,000.$

Current liabilities, $$250,000$; Long$-$term Debt, $$750,000.$

Current liabilities, $$750,000$; Long$-$term Debt, $$250,000.$