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, 2016
	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	13,400
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			40
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
	3,700,300		3,700,300

Enter all amounts as positive numbers.