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 that follows, 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 Long-term liability The unfunded pension liability is a long-term liability. Notes payable: Current liability Long-term liability Kornett Company Post-Closing Trial Balance $7,140 3,360 $ 70,000 630,000 December 31, 20Y5 Account Title 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 Inventory 320,000 Interest Receivable 1,875 Prepaid Insurance 45,640 Office Supplies 13,400 Land Buildings 654,925 900,000 Comprehensive #3 (30pts) (in book Petty Cash 4,500 Cash 243,960 Notes Receivable 100,000 Accounts Receivable 470,000 Allowance for Doubtful Accounts 16,000 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 State Unemployment Tax Payable 40,000 270 Federal Unemployment Tax Payable 40 Salaries Payable Accounts Payable Interest Payable Product Warranty Payable Vacation Pay Payable 157,000 131,600 28,000 76,000 10,500 Comprehensive #3 (30pts) (in book 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 Accounts Payable Interest Payable Product Warranty Payable 157,000 131,600 28,000 76,000 Vacation Pay Payable 10,500 Unfunded Pension Liability Notes Payable Common Stock Retained Earnings 50,700 700,000 500,000 1,845,010 3,700,300 3,700,300 Current assets: 40: Kornett Company Balance Sheet December 31, 2015 Assets Current assets: Total current assets Property, plant, and equipment: Kornett Company Balance Sheet December 31, 2015 Assets Total current assets Property, plant, and equipment: Total property, plant, and equipment Intangible assets: Total assets Liabilities Current liabilities: Check My Work 10 more Check My Work uses remaining. $ $ Total assets Current liabilities: Total current liabilities Long-term liabilities: Total long-term liabilities Total liabilities Liabilities $ Total current liabilities Long-term liabilities: Total long-term liabilities Total liabilities $ Stockholders' Equity $ Total stockholders' equity Total liabilities and stockholders' equity $