Which of the following is not true about a note payable?

The default treatment of a note payable is to treat it as a current liability unless otherwise stated.

It is reported at the present value of the note payable.

It can be classified as either a current or non-current liability based on its maturity date.

When installments of principal payments are due within 1year of B/S date, they are classified as current maturities of long-term notes.