Daffy Duck Company, a building materials supplier, has $18,000,000 of notes payable due April 12,2015. At December 31,2014, Daffy signed an agreement with Wells Fargo to borrow up to $18,000,000 to refinance the notes on a long-term basis. This agreement specified that the borrowings could not exceed 75% of the value collateral Daffy provided. At the date of issue December 31,2014, financial statements, the value of Daffy's collateral was $20,000,000. On it's December 31,2014, balance sheet, How would Daffy Duck company classify the note?
A) 15,000,000 IN LONG TERM DEBT AND 3,000,000 CURRENT LIABILITIES
B) 18,000 OF LONG TERM LIABILITIES
C) 4,500,000 IN LONG TERM AND 13,500,000 IN CURRENT LIABILITIES
D) 18,000 IN CURRENT LIABILITIES