On January 1, 2019, Curly's Northeast Grill, a calendar year company, borrowed $20,000 to purchase a delivery vehicle with a note payable for 5 years. Principal payments on the note payable will be $4,000 for each of the next 5 years beginning January 1, 2020 thru January 1, 2024. The proper balance sheet reporting on December 31, 2019 would be:

• A. Current liabilities $16,000; Long term liabilities $4,000
• B. Current liabilities $20,000
• C. Current liabilities $4,000; Long term liabilities $16,000
• D. Long term liabilities $20,000