Sheffield Corp. has $3010000 of short-term debt it expects to retire with proceeds from the sale of 83000 shares of common stock. There is no contractual agreement to retire the debt with the stock sale proceeds. If the stock is sold for $25 per share subsequent to the balance sheet date, but before the balance sheet is issued, what amount of short-term debt could be excluded from current liabilities?

a. $935000.

b. $2075000.

c. $0, No contractual agreement to retire the debt with stock proceeds.

d. $3010000.