Presented below are selected accounts of Headland Company at December 31, 2020. Inventory (finished goods) Unearned Service Revenue Equipment Inventory (work in process) Cash Debt Investments (trading) Customer Advances Restricted Cash for Plant Expansion $ 54,100 95,300 257,300 44,000 37,300 34,900 46,300 58,900 Cost of Goods Sold Notes Receivable Accounts Receivable Inventory (raw materials) Supplies Expense Allowance for Doubtful Accounts Licenses Additional Paid-in Capital Treasury Stock $2.104,000 42,800 150,710 171,600 55,180 10,960 16,780 94,600 23,060 The following additional information is available. 1. 2. 3. 4. Inventories are valued at lower-of-cost-or-market using LIFO. Equipment is recorded at cost. Accumulated depreciation, computed on a straight-line basis, is $53,701. The short-term investments have a fair value of $31,200. The notes receivable are due April 30, 2022, with interest receivable every April 30. The notes bear interest at 6%. (Hint: Accrue interest due on December 31, 2020.) The allowance for doubtful accounts applies to the accounts receivable. Accounts receivable of $48,000 are pledged as collateral on a bank loan. Licenses are recorded net of accumulated amortization of $13,500. Treasury stock is recorded at cost. 5. 6. 7. Prepare the current assets section of Headland Company's December 31, 2020, balance sheet, with appropriate disclosures. (List Current Assets in order of liquidity. Enter account name only and do not provide the descriptive information provided in the question.) HEADLAND COMPANY Balance Sheet (Partial) December 31, 2020 Current Assets Cash $