On December 31, 2020, Pina Colada Corporation has $8.71 million of short-term debt in the form of notes payable that are due in 2021 to Provincial Bank. On January 28, 2021, Pina Colada enters into a refinancing agreement with the bank that permits it to refinance its debt by up to 59% of the gross amount of its accounts receivable. Receivables are expected to range between a low of $5.9 million in February and a high of $8 million in October during the year 2021. The interest cost of the maturing short-term debt is 12%, 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. Pina Colada 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 Pina Colada follows ASPE, prepare a partial balance sheet for Pina Colada Corporation at December 31, 2020 that shows how its $8.71 million of short-term debt should be presented.

Pina Colada Corporation Partial Balance Sheet December 31, 2020
current liabilities
notes payable	$___________________________
long term debt
notes payable expected to be refined by 2021	$_____________________________