On January 2, 2020, Hill Company borrowed $80,000 from Bank Three. The loan was to be repaid in equal principal installments of $8,000, payable on December 31 of each year, beginning on December 31, 2020. Disregarding interest, the amount of the $80,000 loan that should be considered a long- term liability on the company's balance sheet for the year ended December 31, 2022 would be: $56,000 O $40,000 O $64,000 O $48,000 O None of the above