On december 31, 2017, kate holmes company has $7,000,000 of short-term debt in the form of notes payable to gotham state bank due in 2018. on january 28, 2018, holmes enters into a refinancing agreement with gotham that will permit it to borrow up to 60% of the gross amount of its accounts receivable. receivables are expected to range between a low of $6,000,000 in may to a high of $8,000,000 in october during the year 2018. the interest cost of the maturing short-term debt is 15%, and the new agreement calls for a fluctuating interest at 1% above the prime rate on notes due in 2022, holmes's december 31, 2017, balance sheet is issued on february 15, 2018. prepare a partial balance sheet for holmes at december 31, 2017, showing how its $7,000,000 of short-term debt should be presented. (enter account name only and do not provide descriptive information.