Question - I'm not sure exactly what to do on this one. Please help on creating a partial balance sheet. At the financial statement date of December 31, 2010, the liabilities outstanding of Packard Corporation included the following: 4. Note payable to Third National Bank, $300,000, due January 27, 2011. The following transactions occurred early in 2011: January 26: 40,000 shares of common stock were issued for $350,000. $300,000 of the proceeds was used to liquidate the note payable to Third National Bank. February 1: The financial statements for 2010 were issued.