On January 1, 2019. Trent Inc. a calendar-year company, issued $160,000 of notes payable, of which $40,000 is due on January 1 for each of the next four years. The proper balance sheet presentation on December 31, 2019, is Current Liabilities. $40,000: Long-term Debt $120,000 Long-term Debt. 5160,000. Current Liabilities, $120,000; Long-term Debt. $40,000 Current Liabilities, $160,000