On December 31, 2014, Hattie McDaniel Company had $1,200,000 of short-term debt in the form of notes payable due February 2, 2015. On January 21, 2015, the company issued 25,000 shares of its common stock for $38 per share, receiving $950,000 proceeds after brokerage fees and other costs of issuance. On February 2, 2015, the proceeds from the stock sale, supplemented by an additional $250,000 cash, are used to liquidate the $1,200,000 debt. The December 31, 2014, balance sheet is issued on February 23, 2015.
Show how the $1,200,000 of short-term debt should be presented on the December 31, 2014, balance sheet. (Enter account name only and do not provide descriptive information.)
Hatttie McDaniel Company
Partial Balance Sheet
December 31, 2014
Current Assets Current Liabilities Intangible Assets Long-term Investments Long-term Debt Property, Plant and Equipment Stockholders' Equity Total AssetsTotal Current Assets Total Current Liabilities Total Intangible Assets Total Liabilities Total Liabilities and Stockholders' Equity Total Long-term Investments Total Long-term Debt Total Property, Plant and Equipment Total Stockholders' Equity: $