Region Jet has a $50 million liability at December 31, 2021, of which $10 million is payable in 2022. In its December 31, 2021 balance sheet, the company reports the $50 million debt as a:
A) $50 million current liability in the balance sheet.
B) $50 million long-term liability in the balance sheet.
C) $10 million current liability and a $40 million long-term liability in the balance sheet.
D) $40 million current liability and a $10 million long-term liability in the balance sheet.
Answer: C
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