Nicks Burritos purchases its inventory, on account, daily. At December 31, 2016, the company had taken receipt of $160,000 of inventory from its suppliers which had not been recorded in the accounts. If Nicks Burritos makes the appropriate adjusting entry, how much will be reported on the December 31, 2016, balance sheet as accounts payable?

Select one: a. $119,616 b. $129,984 c. $160,000 d. $ 0