Question & Answer: The December 31, 2016, post-closing trial balance ($ in thousands) for Libby Corporation is presented Debits Credits Cash Accounts receivable Prepaid insurance 23,500 57,000 32…..

The December 31, 2016, post-closing trial balance ($ in thousands) for Libby Corporation is presented Debits Credits Cash Accounts receivable Prepaid insurance 23,500 57,000 32,000 5,500 110,000 47,000 150,000 Land Buildings Accumulated depreciation-buildings Equipment Accumulated depreciation-equipment Patents (unamortized balance) Accounts payable Notes payable, due 2017 Interest payable Bonds payable, due 2026 Common stock, no par, 24,000 shares authorized, issued, 52,000 135,500 32,000 6,000 67,000 11,000 130,000 180,000 and outstanding Retained earnings 47,500 Totals 566,500 566,500 Required: Prepare a classified balance sheet for Libby Corporation at December 31, 2016. (Enter your answers in the order of their liquidity. Negative amounts should be entered by a minus sign. Enter your answers in thousands of dollars.)