On december 31, 2017, hattie mcdaniel company had $1,200,000 of short-term debt in the form of notes payable due february 2, 2018. on january 21, 2018, 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, 2018, 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, 2017, balance sheet is issued on february 23, 2018. show how the $1,200,000 of short-term debt should be presented on the december 31, 2017, balance sheet. (enter account name only and do not provide descriptive information.)

Liabilities                                              $Amount

Current Liabilities:

Notes Payable                                     250,000

Long Term Liabilities:

Long Term debt

Notes Payable                                      950,000

Explanation:

Partial Balance sheet for December 31,2017:

Liabilities                                              $Amount

Current Liabilities:

Notes Payable                                     250,000

Long Term Liabilities:

Long Term debt

Notes Payable                                      950,000

Explanation:

On December 31, 2017 Hattie McDaniel Company had $1,200,000 of short-term debt in the form of notes payable due February 2, 2018. On January 21,2018 company  refinanced $950,000 and remaining $ 250,000 were refinanced on Feb 2,2018.

im thinking a but im not 100% sure

explanation: