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On December 31, 2020, McDaniel Company had $1,200,000 of short-term debt in the form of notes payable due February 2, 2021. On January 21, 2021, the company issued 25,000 shares of its common stock for $38 per share, receiving $950,000 proceeds after brokerage fees and other costs of issuance. On February 2, 2021, the proceeds from the stock sale, supplemented by

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Answer and Explanation:

The preparation is presented below:

                                                 McDaniel Company

                                                 Partial balance sheet

Particulars                                      Amount

Current liabilities

Note payable                                 $250,000

Long term debt

Note payable refinance                $950,000

Total liabilities                                $1,200,000

We simply added the long term debt and the current liabilities so that the total liabilities could come

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