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On January 1,2022 , Paulding Company, a calendar-year company, issued $1,000,000 of notes payable, of which $250,000 is due on January 1 for each of

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On January 1,2022 , Paulding Company, a calendar-year company, issued $1,000,000 of notes payable, of which $250,000 is due on January 1 for each of the next four years. The proper balance sheet presentation on December 31,2022 , is Current liabilities, $1,000,000. Long-term debt, $1,000,000. Current liabilities, $250,000; Long-term Debt, $750,000. Current liabilities, $750,000; Long-term Debt, $250,000

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