On December $31,2023,$ Concord Corporation has $$8\mathrm{.}21$ million of short$-$term debt in the form of notes payable that are due in $2024$

to Provincial Bank. On January $28,2024,$ Concord enters into a refinancing agreement with the bank that permits it to refinance its

debt by up to $63\%$ of the gross amount of its accounts receivable. Receivables are expected to range between a low of $$5\mathrm{.}3$ million in

February and a high of $$8\mathrm{.}0$ million in October during $2024.$ The interest cost of the maturing short$-$term debt is $12\%,$ and the new

agreement calls for a fluctuating interest rate at $2\%$ above the prime rate $($currently prime is $8\%)$ with the notes due in $2025.$ Concord

informed the bank that it wishes to refinance as much of its debt as possible prior to its December $31,2023$ balance sheet being issued

on February $15,2024.$

$($a$)$ Assuming that Concord follows ASPE, prepare a partial balance sheet for Concord at December $31,2023,$ that shows how its $$8\mathrm{.}21$

million of short$-$term debt should be presented.

Concord Corporation

Partial Balance Sheet