Exercise 13-9 On December 31, 2017, Pharoah Company has $7,036,000 of short-term debt in the form of notes payable to Gotham State Bank due in 2018. On January 28, 2018, Pharoah enters into a refinancing agreement with Gotham that will permit it to borrow up to 56% of the gross amount of its accounts receivable. Receivables are expected to range between a low of $6,035,000 in May to a high of $8,029,000 in October during the year 2018. The interest cost of the maturing short-term debt is 15%, and the new agreement calls for a fluctuating interest at 1% above the prime rate on notes due in 2022. Pharoah's December 31, 2017, balance sheet is issued on February 15, 2018. Prepare a partial balance sheet for Pharoah at December 31, 2017, showing how its $7,036,000 of short-term debt should be presented. (Enter account name only and do not provide descriptive information.) PHAROAH COMPANY Partial Balance Sheet