Print Item Question Content Area 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

Total long-term liabilities Total liabilities Feedback Total property, plant, and equipment 2,343,925 Intangible assets: Liabilities Current liabilities: Social security tax payable Medicare tax pavable Emplovees federal income tax payable State unemployment tax payable Federal unemployment tax payable Salaries payable Accounts payable Interest payable Product warranty payable Vacation pay pavable (current portion) Notes payable (current portion) Total current liabilities 157,000 131,600 28,000 76,000 7,140 5 540,230 Long-term liabilities: Vacation pay payable Unfunded pension liability Notes payable Total long-term liabilities Total liabilities Total long-term liabilities Total liabilities Feedback Total property, plant, and equipment 2,343,925 Intangible assets: Liabilities Current liabilities: Social security tax payable Medicare tax pavable Emplovees federal income tax payable State unemployment tax payable Federal unemployment tax payable Salaries payable Accounts payable Interest payable Product warranty payable Vacation pay pavable (current portion) Notes payable (current portion) Total current liabilities 157,000 131,600 28,000 76,000 7,140 5 540,230 Long-term liabilities: Vacation pay payable Unfunded pension liability Notes payable Total long-term liabilities Total liabilities