Exercise 13-08 Your answer is partially correct. Try again. On December 31, 2020, Cullumber Company had $1,260,000 of short-term debt in the form of notes payable due February 2, 2021. On January 21, 2021, the company issued 24,600 shares of its common stock for $39 per share, receiving $959,400 proceeds after brokerage fees and other costs of issuance. On February 2, 2021, the proceeds from the stock sale, supplemented by an additional $300,600 cash, are used to liquidate the $1,260,000 debt. The December 31, 2020, balance sheet is issued on February 23, 2021. Show how the $1,260,000 of short-term debt should be presented on the December 31, 2020, balance sheet. (Enter account name only and do not provide descriptive information.) Cullumber Company Partial Balance Sheet December 31, 2020 Current Liabilities [ Notes Payable 300,600