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?

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Since the first installment payment of $10,000 is due on December 1 of the following year, only the portion of the principal that needs to be paid within the next 12 months will be classified as current. Therefore, only the first installment of $10,000 will be classified as the current portion of the long-term note payable on the balance sheet as of December 31, 2013.

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