On December $31,2020,$ Vaughn Company has $$7,036,000$ of short$-$term debt in the form of notes payable to Gotham State Bank due in $2021.$ On December $28,2020,$ Vaughn enters into a refinancing agreement with Gotham that will permit it to borrow up to $56\%$ of the gross amount of its accounts receivable. Receivables are expected to range between a low of $$6,035,000$ in May to a high of $$8,029,000$ in October during the year $2021.$ The interest cost of the maturing short$-$term debt is $15\%,$ and the new agreement calls for a fluctuating interest at $1\%$ above the prime rate on notes due in $2025.$ Vaughn's December $31,2020,$ balance sheet is issued on February $15,2021$

Prepare a partial balance sheet for Vaughn at December $31,2020,$ showing how its $$7,036,000$ of short$-$term debt should be presented. $($Enter account name only and do not provide descriptive information.$)$

VAUGHN COMPANY

Partial Balance Sheet

December $31,2020$

Current Liabilities

Notes Payable

$