On March 1, 2016, Baker Services issued a 9% long-term notes payable for $18,000. It is payable over a 3-year term in $6,000 annual principal payments on March 1 of each year plus interest, beginning March 1, 2017. How will the notes payable be shown on the balance sheet dated December 31, 2016?
A. The entire $18,000 shown as long-term liability
B. $6,000 shown as current liability and $12,000 shown as long-term liability
C. $18,000 shown as current liability only
D. $6,000 shown as current liability and $18,000 shown as long-term liability