A company has a \$300,000 loan with a 6-year term and annual repayments of \$50,000. How would this be reported on the balance sheet at the end of the second year?

\$300,000 as current liabilities with no long-term portion remaining.

\$250,000 as long-term liabilities with no current portion due.

\$50,000 as current liabilities and \$200,000 as long-term liabilities.

\$0 as liabilities since the final payment is not due yet.