Purdum Farms borrowed $11 million by signing a five-year note on December 31, 2013. Repayments of the principal are payable annually in installments of $2.2 million each. Purdum Farms makes the first payment on December 31, 2014 and then prepares its balance sheet. What amount will be reported as current and long-term liabilities, respectively, in connection with the note at December 31, 2014, after the first payment is made? $2.2 million in current liabilities and $6.6 million in long term liabilities. Zero in current liabilities and $11 million in long term liabilities. $2.2 million in current liabilities and $8.8 million in long term liabilities. Zero in current liabilities and $8.8 million in long term liabilities.