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On December 31, 2014, Kate Holmes Company has $7,086,800 of short-term debt in the form of notes payable to Gotham State Bank due in 2015. On January 28, 2015, Holmes enters into a refinancing agreement with Gotham that will permit it to borrow up to 54% of the gross amount of its accounts receivable. Receivables are expected to range between a low of $5,047,000 in May to a high of $8,140,000 in October during the year 2015. The interest cost of the maturing short-term debt is 15%, and the new agreement calls for a fluctuating interest rate at 1% above the prime rate on notes due in 2019. Holmes's December 31, 2014, balance sheet is issued on February 15, 2015.
Prepare a partial balance sheet for Holmes at December 31, 2014, showing how its $7,086,800 of short-term debt should be presented including footnote disclosure.(Enter account name only and do not provide descriptive information.)
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