At December 31, 2007, Jenkins Sales & Service has a $100,000, 120-day not payable outstanding. the company has followed the policy of replacing the note rather than repaying it over the last three years. The company's treasurer says that this policy is expected to continue indefinitely, and the arrangement is acceptable to the bank to which the not was issued. The proper classification of the note on the December 31, 2007, balance sheet is:
a. dependent on the intention of management.
b. dependent on the actual ability to refinance.
c. current liability, unless specific refinancing criteria are met.