Presented below are selected accounts of Headland Company at December 31, 2020. Inventory (finished goods) $60,000 Cost of Goods Sold $2,144,900 Unearned Service Revenue 98,600 Notes Receivable 42,800 Equipment 259,900 Accounts Receivable 148,990 Inventory (work in process) 35,700 Inventory (raw materials) 176,340 Cash 41,700 Supplies Expense 59,790 Debt Investments (trading) 31,500 Allowance for Doubtful Accounts 11,800 Customer Advances 51,100 Licenses 16,500 Restricted Cash for Plant Expansion 54,000 Additional Paid-in Capital Treasury Stock 85,240 23,460 The following additional information is available. 1. 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 $52,647. 2. 3. The short-term investments have a fair value of $28,680. 4. 5. 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 $46,000 are pledged as collateral on a bank loan. 6. Licenses are recorded net of accumulated amortization of $15,030. 7. Treasury stock is recorded at cost.