On December 31, 2020, Windsor Company had $1,198,000 of short-term debt in the form of notes payable due February 2, 2021. On January 21, 2021, the company issued 23,200 shares of its common stock for $28 per share, receiving $649,600 proceeds after brokerage fees and other costs of issuance. On February 2, 2021, the proceeds from the stock sale, supplemented by an additional $548,400 cash, are used to liquidate the $1,198,000 debt. The December 31, 2020, balance sheet is issued on February 23, 2021.Show how the $1,198,000 of short-term debt should be presented on the December 31, 2020, balance sheet.

Due to rapid employee turnover in the accounting department, the following transactions involving intangible assets were improperly recorded by bridgeport corporation. 1. bridgeport developed a new manufacturing process, incurring research and development costs of $195,600. the company also purchased a patent for $45,200. in early january, bridgeport capitalized $240,800 as the cost of the patents. patent amortization expense of $12,040 was recorded based on a 20-year useful life. 2. on july 1, 2017, bridgeport purchased a small company and as a result recorded goodwill of $52,000. bridgeport recorded a half-year’s amortization in 2017, based on a 20-year life ($1,300 amortization). the goodwill has an indefinite life. prepare all journal entries necessary to correct any errors made during 2017. assume the books have not yet been closed for 2017.