Whispering Winds Corp. issued a five-year interest-bearing note payable for $ 276000 on January 1, 2019. Each January the company is required to pay $ 55000 on the note. How will this note be reported on the December 31, 2020, balance sheet?

1- Long-term debt, $ 276000

2- Long-term debt of $ 221000; Long-term Debt due within one year, $ 55000

3- Long-term debt, $ 166000; Long-term Debt due within one year, $ 55000

4- Long-term debt, $ 221000