Short-Term Debt Expected to Be Refinanced On December 31, 2019, Carrboro Textile Company had short-term debt in the form of notes payable totaling $950,000. These notes were due on June 1, 2020. Carrboro expected to refinance these notes on a long-term basis. On February 1, 2020, Carrboro entered into an agreement with Woridwide Life Insurance Company whereby Woridwide will lend Carrboro $760,000, payable in 5 years at 12%. The money will be available to Carrboro on May 20,2020 . Carrboro issues its December 31, 2019, year-end financial statements on March 2,2020. Required