On december 31, 2017, stellar company had $1,159,000 of short-term debt in the form of notes payable due february 2, 2018. on january 21, 2018, the company issued 25,500 shares of its common stock for $45 per share, receiving $1,147,500 proceeds after brokerage fees and other costs of issuance. on february 2, 2018, the proceeds from the stock sale, supplemented by an additional $11,500 cash, are used to liquidate the $1,159,000 debt. the december 31, 2017, balance sheet is issued on february 23, 2018.show how the $1,159,000 of short-term debt should be presented on the december 31, 2017, balance sheet.

Mae jong corp. issues $1,000,000 of 10% bonds payable which may be converted into 10,000 shares of $2 par value ordinary shares. the market rate of interest on similar bonds is 12%. interest is payable annually on december 31, and the bonds were issued for total proceeds of $1,000,000. in accounting for these bonds, mae jong corp. will: (a) first assign a value to the equity component, then determine the liability component. (b) assign no value to the equity component since the conversion privilege is not separable from the bond.(c) first assign a value to the liability component based on the face amount of the bond.(d) use the “with-and-without” method to value the compound instrument.

Penelope summers received certain income benefits in 2018. she received $1,400 of state unemployment insurance benefits, $2,000 from a federal unemployment trust fund and $3,700 workers’ compensation received for an occupational injury. what amount of the compensation must penelope include in her income

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