Reference no: EM133050670
Question - On December 31, 2020, Summer Land Company had RM5,600,000 of short-term debt in the form of notes payable due March 2, 2021. On January 21, 2021, the company issued 75,000 shares of its common stock for RM55 per share, receiving RM4,125,000 proceeds after brokerage fees and other costs of issuance. On March 2, 2021, the proceeds from the stock sale, supplemented by an additional RM1,475,000 cash, are used to liquidate the RM5,600,000 debt. The December 31, 2020, balance sheet is issued on February 23, 2021.
Required -
a) Show how the RM5,600,000 of short-term debt should be presented on the December 31, 2020, balance sheet.
b) Show the note disclosure.
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