On January 5, Thomas Company, a calendar year company, issued $1,000,000 of notes payable, of which $250,000 is due on January 1 each of the next 4 years. The proper balance sheet presentation on December 31 is

a. Current liabilities, $250,000; Long-term debt, $750,000

b. Current liabilities, $1,000,000

c. Long-term debt, $1,000,000

d. Current liabilities, $750,000; Long-term debt, $250,000