The current assets and current liabilities sections of the balance sheet of Headland Company appear as follows. HEADLAND COMPANY BALANCE SHEET (PARTIAL) DECEMBER 31, 2017 49,500 Accounts payable 56,810 70,790 $127,600 Accounts receivable Notes payable $98,700 Less: Allowance for doubtful accounts7,760 90,940 181,950 8,790 $331,180 eoy Prepaid expenses The following errors in the corporation's accounting have been discovered: 1 January 2018 cash disbursements entered as of December 2017 included payments of accounts payable in the amount of $43,500, on which a cash discount of 2% was taken 2. The inventory included $29,640 of merchandise that had been received at December 31 but for which no purchase invoices had been received or entered. Of this amount $12,950 had been received on consignment; the remainder was purchased f.o.b. destination, terms 2/10, n/30. the remainder were cash sales. discounts of 2% had been deducted; the remainder represented the proceeds of a bank loan. 3. Sales for the first four days in January 2018 in the amount of $30,890 were entered in the sales journal as of December 31, 2017. Of these, $21,670 were sales on account and 4. Cash, not including cash sales, collected in January 2018 and entered as of December 31, 2017, totaled $36,794. Of this amount, $24,794 was received on account after cash