Short-Term Debt Expected to Be Refinanced

On December 31, 2016, Excello Electric Company had $1 million of short-term notes payable due February 7, 2017. Excello expected to refinance these notes on a long-term basis. On January 15, 2017, the company issued bonds with a face value of $900,000 for $882,000. On January 22, 2017, the proceeds from the bond issue plus additional cash held by Excello on December 31, 2016, were used to liquidate the $1 million of short-term notes. The December 31, 2016, balance sheet is issued on February 12, 2017.

Required:

Prepare a partial balance sheet as of December 31, 2016, showing how the $1 million of short-term notes payable should be disclosed.

EXCELLO ELECTRIC COMPANY
Partial Balance Sheet
December 31, 2016
Current Liabilities:
Notes payable	$
Long-Term Liabilities:
Notes payable	$