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Exercise 133 On December 31, 2014, Hattie McDaniel Company had $1,200,000 of shortterm debt in the form of notes payable due February 2, 2015. On...
Exercise 13-3On December 31, 2014, Hattie McDaniel Company had $1,200,000 of short-term debt in the form of notes payable due February 2, 2015. On January 21, 2015, the company issued 25,000 shares of its common stock for $38 per share, receiving $950,000 proceeds after brokerage fees and other costs of issuance. On February 2, 2015, the proceeds from the stock sale, supplemented by an additional $250,000 cash, are used to liquidate the $1,200,000 debt. The December 31, 2014, balance sheet is issued on February 23, 2015.Show how the $1,200,000 of short-term debt should be presented on the December 31, 2014, balance sheet. (Enter account name only and do not provide descriptive information.)Hatttie McDaniel CompanyPartial Balance SheetDecember 31, 2014 :
