Fashion Company Uses the Indirect Method to Prepare Its Statement

Fashion Company uses the indirect method to prepare its statement of cash flows. Refer to the following portion of the comparative balance sheet:
$\begin{array}{c} \text {Fashion Company}\\ \text {Comparative Balance Sheet}\\ \text {December 31, 2014 and 2013}\\\begin{array}{lll}\\ \text {Accounts Payable}\\ \text {Accrued Liabilities}\\ \text {Long-Term Notes Payable}\\ \text {Total liabilities}\end{array}\begin{array}{c}\underline{2014} \\\$ 6,000 \\3,000 \\\underline{126,000} \\\underline{\underline{ \$ 135,000 }}\end{array}\begin{array}{c}\underline{2013}\\\$ 9,000 \\1,500 \\\underline{135,000 }\\\underline{\underline{ \$ 145,500 }} \end{array}\begin{array}{c}\underline{\text { Increase/decrease }} \\ \$(3,000)\\1,500 \\\underline{(9,000)} \\\underline{\underline{ \$(10,500)}} \end{array}\end{array}$


Additional information provided by the company includes the following:
During 2014, the company repaid $60,000 of Long-Term Notes Payable.
During 2014, the company borrowed $51,000 on a new Long-Term Note Payable.
With the help of T-account format, analyze the transactions affecting the Long-Term Notes Payable account