Business, 15.04.2020 22:49, whitneyt2013

On December 31, 2020, Kingbird Company had $1,216,000 of short-term debt in the form of notes payable due February 2, 2021. On January 21, 2021, the company issued 25,500 shares of its common stock for $42 per share, receiving $1,071,000 proceeds after brokerage fees and other costs of issuance. On February 2, 2021, the proceeds from the stock sale, supplemented by an additional $145,000 cash, are used to liquidate the $1,216,000 debt. The December 31, 2020, balance sheet is issued on February 23, 2021. Show how the $1,216,000 of short-term debt should be presented on the December 31, 2020, balance sheet. (Enter account name only and do not provide descriptive information.)

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On December 31, 2020, Kingbird Company had $1,216,000 of short-term debt in the form of notes payabl...