Question: PLEASE COMPLETE THIS PROBLEM USING THAT SAME EXACT TABLES I PROVIDED BELOW!!! Comprehensive Problem 3 Part 5: Note: You must complete parts 1, 2, 3,

PLEASE COMPLETE THIS PROBLEM USING THAT SAME EXACT TABLES I PROVIDED BELOW!!!

Comprehensive Problem 3 Part 5:

Note: You must complete parts 1, 2, 3, and 4 of this comprehensive problem before completing part 5.

Based on the following information and the post-closing trial balance shown below, prepare a balance sheet in report form at December 31 of the current year.

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
Kornett Company Post-Closing Trial Balance December 31, 20Y8
Debit Balances Credit Balances
Petty Cash 4,500
Cash 243,960
Notes Receivable 100,000
Accounts Receivable 470,000
Allowance for Doubtful Accounts 16,000
Merchandise Inventory 320,000
Interest Receivable 1,875
Prepaid Insurance 45,640
Office Supplies 13,390
Land 654,925
Buildings 900,000
Accumulated DepreciationBuildings 36,000
Office Equipment 246,000
Accumulated DepreciationOffice Equipment 44,000
Store Equipment 112,000
Accumulated DepreciationStore Equipment 5,000
Mineral Rights 546,000
Accumulated Depletion 30,000
Patents 42,000
Social Security Tax Payable 25,470
Medicare Tax Payable 4,710
Employees Federal Income Tax Payable 40,000
State Unemployment Tax Payable 270
Federal Unemployment Tax Payable 30
Salaries Payable 157,000
Accounts Payable 131,600
Interest Payable 28,000
Product Warranty Payable 76,000
Vacation Pay Payable 10,500
Unfunded Pension Liability 50,700
Notes Payable 700,000
J. Kornett, Capital 2,345,010
3,700,290 3,700,290

Enter all amounts as positive numbers.

Kornett Company Balance Sheet December 31, 20Y8
Assets
Current assets:
$
$
Total current assets $
Property, plant and equipment:
$
$
$
$
$
Total property, plant and equipment $
Intangible assets:
$
Total assets $
Liabilities
Current liabilities:
$
Total current liabilities $
Long-term liabilities:
$
Total long-term liabilities
Total liabilities $
Owner's Equity
Total liabilities and owner's equity $

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