United Supply has a $5 million liability at December 31,2015,of which $1 million is payable in each of the next five years.United Supply reports the liability on the balance sheet as:
A) A $5 million current liability.
B) A $5 million long-term liability.
C) A $1 million current liability and a $4 million long-term liability.
D) A $4 million current liability and a $1 million long-term liability.
Correct Answer:
Verified
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