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ACME Company's fiscal year ends on December 31. At the end of the first quarter on March 31, ACME owes $40,000 on a vehicle loan that matures in three years. In each of the next four quarters, ACME will be making quarterly payments of $3,000, of which $500 is interest. The amount of the loan balance that should be classified on the balance sheet under Long-term liabilities is:

1. $10,000
2. $12,000
3. $30,000
4. $40,000

 

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