On December 31, 2020, Concord Company has $6,995,000of short-term debt in the form of notes payable to Gotham State Bank due in 2021. On December 28, 2020, Concord enters into a refinancing agreement with Gotham that will permit it to borrow up to 59% of the gross amount of its accounts receivable. Receivables are expected to range between a low of $6,003,000in May to a high of $7,993,000in 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. Concord's December 31, 2020, balance sheet is issued on February 15, 2021.

What is a partial balance sheet for Concord at December 31, 2020, showing how its $6,995,000of short-term debt should be presented.

CONCORD COMPANY

Partial Balance Sheet

(a)

(b) $

(c)

(d) $