Problem 12-8A (Part Level Submission) Presented below are the financial statements of Headlands Industries.

Problem 12-8A (Part Level Submission) Presented below are the financial statements of Headlands Industries. Headlands Industries Comparative Balance Sheets December 31 Assets 2016 Cash 88,900 50,800 Accounts receivable 50,800 35,560 71,120 50,800 Inventory Property, plant, and equipment 198,120 152,400 (81,280) (60,960) Accumulated depreciation Total $281,940 $274,320 Liabilities and Stockholders' Equity Accounts payable 48,260 38,100 Income taxes payable 20,320 17,780 Bonds payable 83,820 43,180 Common stock 45,720 35,560 Retained earnings 127,000 96,520 Total $281,940 $274,320