Orpheus Technologies recently leased some computer equipment to Collins Consulting. Currently, Collins has a total lease liability of $68,000, although it expects to pay $18,000 of that amount to Orpheus within the next 12 months. Based on this information, which of the following statements is true?

 In relation to this lease, Collins should report a $68,000 current liability on its balance sheet.

In relation to this lease, Collins should report a $68,000 long-term liability on its balance sheet. 

In relation to this lease, Collins should report a $50,000 long-term liability on its balance sheet. 

In relation to this lease, Collins should report a $50,000 current liability on its balance sheet