On December 31, 2020, Ayayai Corporation has $7.95 million of short-term debt in the form of notes payable that are due in 2021 to Provincial Bank. On January 28, 2021, Ayayai enters into a refinancing agreement with the bank that permits it to refinance its debt by up to 61% of the gross amount of its accounts receivable. Receivables are expected to range between a low of $5 million in February and a high of $7 million 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 rate at 1% points above the prime rate (currently prime is 8%) with the notes due in 2022. Ayayai informed the bank that it wishes to refinance as much of its debt as possible prior to its December 31, 2020 balance sheet being issued on February 15, 2021. (a) Assuming that Ayayai follows ASPE, prepare a partial balance sheet for Ayayai Corporation at December 31, 2020 that shows how its $7.95 million of short-term debt should be presented. (a) Assuming that Ayayai follows ASPE, prepare a partial balance sheet for Ayayai Corporation at December 31, 2020 that shows how its $7.95 million of short-term debt should be presented. Ayayai Corporation Partial Balance Sheet December 31, 2020 Current Liabilities Notes Payable Long-Term Debt Notes Payable expected to be refinanced in 2021