On December 31, 2025, Sandhill Company had $1,103,000 of short-term debt in the form of notes payable due February 2, 2026. On January 21, 2026, the company issued 24,800 shares of its common stock for $33 per share, receiving $818,400 proceeds after brokerage fees and other costs of issuance. On February 2, 2026, the proceeds from the stock sale, supplemented by an additional $284,600 cash, are used to liquidate the $1,103,000 debt. The December 31, 2025, balance sheet is issued on February 23, 2026. Show how the $1,103,000 of short-term debt should be presented on the December 31, 2025, balance sheet. (Enter account name only and do not provide descriptive information.)

On December 31, 2025, Sandhill Company had $1,103,000 of short-term debt in the form of notes payable due February 2, 2026. On January 21, 2026, the company issued 24,800 shares of its common stock for $33 per share, receiving $818,400 proceeds after brokerage fees and other costs of issuance. On February 2, 2026, the proceeds from the stock sale, supplemented by an additional $284,600 cash, are used to liquidate the $1,103,000 debt. The December 31, 2025, balance sheet is issued on February 23, 2026. Show how the $1,103,000 of short-term debt should be presented on the December 31, 2025, balance sheet. (Enter account name only and do not provide descriptive information.)

Name: hrd.3 On December 31, 2025, Sandhill Company had $1,103,000 of short-t
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Description: hrd.3 On December 31, 2025, Sandhill Company had $1,103,000 of short-term debt in the form of notes payable due February 2, 2026. OnJanuary 21, 2026, the company issued 24,800 shares of its common stock for $33 per share, receiving $818,400 proceeds

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter16: Retained Earnings And Earnings Per Share

Section: Chapter Questions

Problem 24E

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