On January 1, 2020, Ganson Limited, 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 statement of financial position presentation on December 31, 2020, is (a) Current Liabilities, $160,000. (b) Non-current Liabilities, $160,000. (c) Current Liabilities, $40,000; Non-current Liabilities, $120,000. (d) Current Liabilities, $120,000; Non-current Liabilities, $40,000. (d) Current Liabilities, $120,000; Non-current Liabilities, $40,000.