Use the following information to answer the given question

10,000 ordinary shares of N1 each ——————————————- #10,000

5,000 5% preference shares of N1 each ————————————– #5,000

Profit and loss account ——————————————————— #8,000

8% debenture ——————————————————————– #10,000

creditors —————————————————————————#3,000

Bank overdraft ——————————————————————–#2,000

Plants and machinery ————————————————————#10,000

Plant and machinery ————————————————————-#10,000

Furniture and fittings ———————————————————–#8,000

stock ——————————————————————————-#8,000

debtors —————————————————————————-#5,000

Using the information provided, what is the total value of long-term liability?

A. N33,000
B. N25,000
C. N25,000
D. N15,000
E. N10,000

Correct Answer: Option E

E. N10,000