On January 1, 2020, Mazzeo Company, a calendar-year company, issued 1,600,000 of notes payable, of which 400,000 is due on January 1 for each of the next four years. The proper balance sheet presentation on December 31, 2020, is Current Liabilities, 400,000; Non-current Debt, 1,200,000. O Long-term Debt, 1,600,000. Current Liabilities, 1,600,000. Current Liabilities, 800,000; Non-current Debt, 800,000.