On December 31, 2017, Vaughn Company has $6,975,000 of short-term debt in the form of notes payable to Gotham State Bank due in 2021. On January 28, 2018, Vaughn enters into a refinancing agreement with Gotham that will permit it to borrow up to 67% of the gross amount of its accounts receivable. Receivables are expected to range between a low of $5,983,000 in May to a high of $7,983,000 in October during the year 2021. 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 2025. Sage’s December 31, 2020, balance sheet is issued on February 15, 2021.

Prepare a partial balance sheet for Sage at December 31, 2020, showing how its $6,975,000 of short-term debt should be presented. (Enter account name only and do not provide descriptive information.)

SAGE COMPANY Partial Balance Sheet choose the accounting period December 31, 2020For the Year Ended December 31, 2020For the Quarter Ended December 31, 2020
select a balance sheet section Current AssetsCurrent LiabilitiesIntangible AssetsLong-term InvestmentsLong-term DebtProperty, Plant and EquipmentStockholders' EquityTotal AssetsTotal Current AssetsTotal Current LiabilitiesTotal Intangible AssetsTotal LiabilitiesTotal Liabilities and Stockholders' EquityTotal Long-term InvestmentsTotal Long-term DebtTotal Property, Plant and EquipmentTotal Stockholders' Equity:
enter a balance sheet item			$enter a dollar amount
select a balance sheet section Current AssetsCurrent LiabilitiesIntangible AssetsLong-term InvestmentsLong-term DebtProperty, Plant and EquipmentStockholders' EquityTotal AssetsTotal Current AssetsTotal Current LiabilitiesTotal Intangible AssetsTotal LiabilitiesTotal Liabilities and Stockholders' EquityTotal Long-term InvestmentsTotal Long-term DebtTotal Property, Plant and EquipmentTotal Stockholders' Equity:
enter a balance sheet item			enter a dollar amount