Based on the following Information and the post-closing trial Balance that follow, 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 warrant 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, 2016
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	13,400
Land	654,925
Buildings	900,000
Accumulated Depreciation-Buildings		36,000
Office Equipment	246,000
Accumulated Depreciation-Office Equipment		44,000
Store Equipment	112,000
Accumulated Depreciation-Store 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		40
Salaries Payable		157,000
Accounts Payable		131,600
Interest Payable		28,000
Product Warrenty Payable		76,000
Vacation Pay Payable		10,500
Unfunded Pension Liability		50,700
Notes Payable		700,000
J. Kornett, Capital		2,345,010
	3,700,300	3,700,300