On December 31, 2020, Pharoah Company had $1,216,000 of short-term debt in the form of notes payable due February 2, 2021. On January 21, 2021, the company issued 25,500 shares of its common stock for $42 per share, receiving $1,071,000 proceeds after brokerage fees and other costs of issuance. On February 2, 2021, the proceeds from the stock sale, supplemented by an additional $145,000 cash, are used to liquidate the $1,216,000 debt. The December 31, 2020, balance sheet is issued on February 23, 2021.
Required:
Show how the $1,211,000 of short-term debt should be presented on the December 31, 2017, balance sheet.
Answers: 2
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On December 31, 2020, Pharoah Company had $1,216,000 of short-term debt in the form of notes payable...
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