On December 31, 2020, Bluesky Company had $1,232,000 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 $48 per share, receiving $1,224,000 proceeds after brokerage fees and other costs of issuance. On February 2, 2021, the proceeds from the stock sale, supplemented by an additional $8,000 cash, are used to liquidate the $1,232,000 debt. The December 31, 2020, balance sheet is issued on February 23, 2021. Show how the $1,232,000 of short-term debt should be presented on the December 31, 2020, balance sheet. (Enter account name only and do not provide descriptive information.)
Bluesky Company | |||
Balance Sheet(Partial) | |||
December 31,2020 | |||
Current Liabilities | |||
Notes Payable(Short term debt) | $ 8,000.00 | ||
Long Term Debts | |||
Notes Payable | $ 12,24,000.00 | ||
Total | $ 12,32,000.00 |
On December 31, 2020, Bluesky Company had $1,232,000 of short-term debt in the form of notes...
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