Current Attempt in Progress

On December $31,2020,$ Pearl Company had $$1,217,000$ of short$-$term debt in the form of notes payable due February $2,2021.$ On January $21,2021,$ the company issued $24,900$ shares of its common stock for $$29$ per share, receiving $$722,100$ proceeds after brokerage fees and other costs of issuance. On February $2,2021,$ the proceeds from the stock sale, supplemented by an additional $$494,900$ cash, are used to liquidate the $$1,217,000$ debt. The December $31,2020,$ balance sheet is issued on February $23,2021.$

Show how the $$1,217,000$ of short$-$term debt should be presented on the December $31,2020,$ balance sheet. $($Enter account name only and do not provide descriptive information.$)$

Pearl Company

Partial Balance Sheet

December $31,2020$

Current Liabilities $$