On December 31, 2014, Hattie McDaniel Company had $1,203,100 of short-term debt in the form of notes payable due February 2, 2015. On January 21, 2015, the company issued 25,830 shares of its common stock for $38 per share, receiving $981,540 proceeds after brokerage fees and other costs of issuance. On February 2, 2015, the proceeds from the stock sale, supplemented by an additional $221,560 cash, are used to liquidate the $1,203,100 debt. The December 31, 2014, balance sheet is issued on February 23, 2015. Show how the $1,203,100 of short-term debt should be presented on the December 31, 2014, balance sheet.