Tootsie Roll Industries is engaged in the manufacture and sale of candy. Major products include Tootsie Roll, Tootsie Roll Pops, Tootsie Pop Drops, Tootsie Flavor Rolls, Charms, and Blow-Pop lollipops. The following items were listed on Tootsie Roll's recent income statement and balance sheet. Select each item from the balance sheet as an asset, liability, or shareholders' equity item and each item from the income statement as a revenue or expense item.

Financial Statement Items Categories (1) Bank loans (2) Selling, marketing, and administrative expenses (3) Accounts payable (4) Dividends payable (5) Retained earnings (6) Cash and cash equivalents (7) Accounts receivable (8) Provision for income taxes (9) Product cost of goods sold (10) Machinery and equipment (11) Net product sales (12) Inventories (13) Trademarks (14) Buildings (15) Land (16) Income taxes payable (17) Rental and royalty costs (18) Investments in other companies) *Note that "Provision for income taxes" is a common synonym for "Income tax expense