On January 1, 2019, Crosby Company, a calendar-year company, issued $2,000,000 of notes payable, of which $400,000 is due on January 1 for each of the next five years. The proper balance sheet presentation on December 31, 2019, is 1) Current liabilities, $2,000,000. 2) Current liabilities, $500,000; Long-term Debt, $1,000,000. 3) Current liabilities, $400,000: Long-term Debt, $1,600,000. 4) Long-term debt, $2,000,000