On December 1, 2013, Fine Products Borrowed $80,000 on a 4

On December 1, 2013, Fine Products borrowed $80,000 on a 4%, 8-year note with annual installment payments of $10,000 plus interest due on December 1 of each succeeding year. On December 1, the principal amount was initially recorded as long-term notes payable. What amount of the note payable will be shown as current portion of Long-Term Note Payable on the balance sheet as of December 31, 2013?

A) $10,000
B) $13,200
C) $3,200
D) $20,000

Correct Answer:

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