Current Attempt in Progress

On December $31,2025,$ Sheffield Company had $$3,000,000$ of short$-$term debt in the form of notes payable due February $2,2026.$ On January $21,2026,$ the company issued $50,000$ shares of its common stock for $$54$ per share, receiving $$2,700,000$ proceeds after brokerage fees and other costs of issuance. On February $2,2026,$ the proceeds from the stock sale, supplemented by an additional $$300,000$ cash, are used to liquidate the $$3,000,000$ debt. The December $31,2025,$ balance sheet is issued on February $23,2026.$

Show how the $$3,000,000$ of short$-$term debt should be presented on the December $31,2025,$ balance sheet. $($Enter account name only and do not provide descriptive information.$)$

SHEFFIELD COMPANY

Balance Sheet $($Partial$)$

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