On March 1, 2016, Baker Services issued a 7% long-term notes payable for $16,000. It is payable over a 4-year term in $4,000 annual principal payments on March 1 of each year plus interest, beginning March 1, 2017. How will the notes payable be shown on the balance sheet dated December 31, 2016? $16,000 shown as current liability only $4,000 shown as current liability and $12,000 shown as long - term liability $4,000 shown as current liability and $16,000 shown as long - term liability the entire $16,000 shown as long-term liability