On December 31, 2017, Whispering Company has $ 6,976,000 of short-term debt in the form of notes payable to Gotham State Bank due in 2018. On January 28, 2018, Whispering enters into a refinancing agreement with Gotham that will permit it to borrow up to 64% of the gross amount of its accounts receivable. Receivables are expected to range between a low of $ 5,984,000 in May to a high of $ 7,970,000 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. Whisperings December 31, 2017, balance sheet is issued on February 15, 2018. Prepare a partial balance sheet for Whispering at December 31, 2017, showing how its $ 6,976,000 of short-term debt should be presented.