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Question(s) / Instruction(s):

On January 1, 2010, Ermler Company, a calendar-year company, issued $600,000 of notes payable, of which $150,000 is due on January 1 for each of the next four years. The proper balance sheet presentation on December 31, 2010, is

A.            Current Liabilities, $600,000

B.            Long-term Debt, $600,000

C.            Current Liabilities, $300,000; Long-term Debt, $300,000

D.            Current Liabilities, $150,000; Long-term Debt, $450,000

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