On September 1, 2007 a company borrowed cash and signed a one year, interest bearing note on which both the principal and interest are payable on September 1, 2008. How will the note payable and the related interest be classified in the December 31, 2007 balance sheet?

Note Payable

Accrued Interest

Current liability

Noncurrent liability

Noncurrent liability

Current liability

Current liability

Current liability

Noncurrent liability

No entry