5 Based on the following information and the post -closing trial balance that follows prepare a balance sheet in report form at December 31 2016 . Be sure to complete the heading of the balance sheet Enter assets in the order in which they appear in the post -closing atrial balance Refer to information given in the problem and the Labels and losin Amount Descriptions list for exact wording of text entries . There is no need to include " ( current portion ) " or a due date with any account titles . The word " Less " and colons will appear automatically . Enter all amounts as positive numbers The merchandise inventory is stated at cost by the LIFO method The product warranty payable is a current liability . Vacation pay payable Current liability : $7 140 Long-term liability : 3 360 The unfunded pension liability is a long-term liability Notes payable Current liability : $70 000 Long-term liability : 630 000