United Supply has a $5 million liability at December 31, 2021, of which $1 million is payable in each of the next five years. United Supply reports the liability in the balance sheet as a:

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United Supply has a $5 million liability at December 31, 2021, of which $1 million is payable in each of the next five years. United Supply reports the liability in the balance sheet as a:

A) $5 million current liability.

B) $5 million long-term liability.

C) $1 million current liability and a $4 million long-term liability.

D) $4 million current liability and a $1 million long-term liability.

Answer: C

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