Jade larson antiques owes $20,000 on a truck purchased for use in the business. assume the company makes timely principal payments of $5,000 each year at december 31 plus interest at 8%, which of the following is true?

a. just before the last payment is made, $5,000 will appear as a long-term liability on the balance sheet.
b. after the first payment, $15,000 would be shown as a long-term liability.
c. after the first payment is made, $5,000 would be shown as the current portion due on the long-term note.
d. after the first payment is made, the company owes $15,000 plus three years' interest.