You and Me Corporation obtains a $100,000 Note Payable requiring $20,000 payments annually. The company is in the second year of the term of the note. How do they report this liability? They would report a current liability of $20,000 and a long-term liability of $80,000. They would report a current liability of $20,000 and a long-term liability of $60,000. They would report a current liability of $40,000 and a long-term liability of $60,000. They would report a long-term liability of $100,000