Business, 10.10.2019 01:20 de5briz75

On february 10, 2018, after issuance of its financial statements for 2017, higgins company entered into a financing agreement with cleveland bank, allowing higgins company to borrow up to $8,000,000 at any time through 2020. 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. higgins company presently has $3,000,000 of notes payable with star national bank maturing march 15, 2018. the company intends to borrow $5,000,000 under the agreement with cleveland and liquidate the notes payable to star national bank. the agreement with cleveland also requires higgins to maintain a working capital level of $12,000,000 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 higgins company as of the december 31, 2017 balance sheet date is group of answer choices $0. $3,000,000. $4,000,000. $8,000,000.

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