On January 1, 2021, Texas Inc. obtained a $50,000, four-year, 7% installment note from Arkansas Bank. The note requires four annual payments of $14,761, beginning on December 31, 2021. The portion of the Notes Payable that would be included in the current liability section of Texass balance sheet at December 31, 2021, after the first payment is made would be:

A) $35,239

B) $38,739

C) $12,049

D) $14,761