Refinancing of Short-Term Debt On December 31, 2010, Santana Company has $7,000,000 of short-term debt in the form of notes payable to Golden State Bank due in 2011. On January 28, 2011, Santana enters into a refinancing agreement with Golden that will permit it to borrow up to 60% of the gross amount of its accounts receivable. Receivables are expected to range between a low of $5,000,000 in May to a high of $8,000,000 in October during the year 2011. The interest cost of the maturing short-term debt is 15%, and the new agreement calls for a fluctuating interest rate at 1% above the prime rate on notes due in 2015. Santana’s December 31, 2010, balance sheet is issued on February 15, 2011. Prepare a partial balance sheet for Santana at December 31, 2010, showing how its $7,000,000 of short term debt should be presented, including footnote disclosure.