On January 1, 2014, Michelin Company, a calendar-year company, is issued €9,000,000 of mortgage notes payable, of which €3,000,000 is due on January 1 for each of the next three years. The proper statement of financial position presentation on December 31, 2014, is
A) Current liabilities, €9,000,000.
B) Long-term Debt, €9,000,000.
C) Current liabilities, €4,500,000; Long-term Debt, €4,500,000.
D) Current liabilities, €3,000,000; Long-term Debt, €6,000,000.

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The Answer of On January 1, 2014, Michelin Company, a calendar-year company, is issued €9,000,000 of mortgage notes payable, of which €3,000,000 is due on January 1 for each of the next three years. The proper statement of financial position presentation on December 31, 2014, is
A) Current liabilities, €9,000,000.
B) Long-term Debt, €9,000,000.
C) Current liabilities, €4,500,000; Long-term Debt, €4,500,000.
D) Current liabilities, €3,000,000; Long-term Debt, €6,000,000.

On January 1, 2014, Michelin Company, a Calendar-Year Company, Is