On December 31, 2020, Kingbird Company had $1,088,000 of short-term debt in the form of notes payable due February 2, 2021. On January 21, 2021, the company issued 23,600 shares of its common stock for $45 per share, receiving $1,062,000 proceeds after brokerage fees and other costs of issuance. On February 2, 2021, the proceeds from the stock sale, supplemented by an additional $26,000 cash, are used to liquidate the $1,088,000 debt. The December 31, 2020, balance sheet is issued on February 23, 2021. Show how the $1,088,000 of short-term debt should be presented on the December 31, 2020, balance sheet.

+ Chapter 13 Homework Question 2 of 5 - / 1 View Policies Current Attempt in Progress On December 31, 2020, Kingbird Company had $1,088.000 of short-term debt in the form of notes payable due February 2, 2021. On January 21, 2021, the company issued 23.600 shares of its common stock for $45 per share, receiving $1.062.000 proceeds after brokerage fees and other costs of issuance. On February 2, 2021, the proceeds from the stock sale, supplemented by an additional $26,000 cash, are used to liquidate the $1,088,000 debt. The December 31, 2020, balance sheet is issued on February 23, 2021. Show how the $1,088,000 of short-term debt should be presented on the December 31, 2020, balance sheet. (Enter account name only and do not provide descriptive information.) Kingbird Company Partial Balance Sheet $ e Textbook and Media List of Accounts Save for Later Attempts: 0 of 4 used Submit