On January 1, 2017, Ivanhoe Company, a calendar-year company, issued $720000 of notes payable, of which $180000 is due on January 1 for each of the next four years. The proper balance sheet presentation on December 31, 2017, is:

a. Current liabilities, $720000.

b. Current liabilities, $180000; Long-term Debt, $540000.

c. Current liabilities, $540000; Long-term Debt, $180000.

d. Long-term debt, $720000.