On January 1, 2020, Sunland Company, a calendar-year company, issued $897000 of notes payable, of which $224250 is due on January 1 for each of the next four years. Ignoring interest, the proper balance sheet presentation on December 31, 2020, is Current Liabilities, $448500; Long-term Debt, $448500. Current Liabilities, $224250; Long-term Debt, $672750. Current Liabilities, $897000. Long-term Debt, $897000