Purdum Farms borrowed $22 million by signing a five-year note on December 31, 2015. Repayments of the principal are payable annually in installments of $4.4 million each. Purdum Farms makes the first payment on December 31, 2016 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, 2016, after the first payment is made?

$4.4 million in current liabilities and $13.2 million in long term liabilities.

$4.4 million in current liabilities and $17.6 million in long term liabilities.

Zero in current liabilities and $22 million in long term liabilities.

Zero in current liabilities and $17.6 million in long term liabilities.