On February $10,2021,$ after issuance of its financial statements for $2020,$ Coronado Industries entered into a financing agreement with Cleveland Bank, allowing Coronado Industries to borrow up to $$8000000$ at any time through $2023.$ Amounts borrowed under the agreement bear interest at $2\%$ above the bank's prime interest rate and mature two years from the date of loan. Coronado Industries presently has $$2940000$ of notes payable with Star National Bank maturing March $15,2021.$ The company intends to borrow $$5050000$ under the agreement with Cleveland and liquidate the notes payable to Star National Bank. The agreement with Cleveland also requires Coronado to maintain a working capital level of $$12000000$ and prohibits the payment of dividends on common stock without prior approval by Cleveland Bank. From the above information only, the total short$-$term debt of Coronado Industries as of the December $31,2020$ balance sheet date is

$$0.$

$$8000000.$

$$4000000.$

$$2940000.$