On December 31, 2017, Buffalo Company had $1,101,000of short-term debt in the form of notes payable due February 2, 2018. On January 21, 2018, the company issued22,800shares of its common stock for $42per share, receiving $957,600proceeds after brokerage fees and other costs of issuance. On February 2, 2018, the proceeds from the stock sale, supplemented by an additional $143,400cash, are used to liquidate the $1,101,000debt. The December 31, 2017, balance sheet is issued on February 23, 2018.