ces The following is the balance sheet of Korver Supply Company at December 31, 2023 (prior year) KORVER SUPPLY COMPANY Balance Sheet At December 31, 2023 Assets Cash Accounts receivable. Inventory Furniture and fixtures (net) Total assets Liabilities and Shareholders' Equity Accounts payable (for inventory) Notes payable Interest payable Common stock $ 175,000 300,000 250,000 195,000 $920,000 $ 300,000 310,000 12,400 Retained earnings Total liabilities and shareholders' equity Transactions during 2024 (current year) were as follows: 1. Sales to customers on account 2. Cash collected from customers 3. Purchase of inventory on account 4. Cash payment to suppliers 5. Cost of inventory sold: 6. Cash paid for operating expenses 7. Cash paid for interest on notes. Additional Information $ 960,000 940,000 650,000 660,000 600,000 320,000 24,800 140,000 157,600 $920,000 The notes payable are dated June 30, 2023, and are due on June 30, 2025, Interest at 8% is payable annually on June 30. Depreciation on the furniture and fixtures for 2024 is $36,000. The furniture and fixtures originally cost $460,000. Required: Prepare a classified balance sheet at December 31, 2024, by updating ending balances from 2023 for transactions during 2024 the additional information. The cost of furniture and fixtures and their accumulated depreciation are shown separately. Note: Amounts to be deducted should be indicated by a minus sign. KORVER SUPPLY COMPANY Balance Sheet At December 31, 2024 ces Required: Prepare a classified balance sheet at December 31, 2024, by updating ending balances from 2023 the additional information. The cost of furniture and fixtures and their accumulated depreciation are Note: Amounts to be deducted should be indicated by a minus sign. KORVER SUPPLY COMPANY Balance Sheet At December 31, 2024 Assets Current assets: Cash Accounts receivable Inventory Total current assets Property, plant, and equipment: Furniture and fixtures $ 110,200 320,000 300,000 730,200 Accumulated depreciation 460,000 265,000 Net property, plant, and equipment 725,000 Total assets $ 1,455,200 Liabilities and Shareholders' Equity Current liabilities: Interest payable Accounts payable S 12,400 290,000 310,000 Notes payable Total current liabilities Shareholders' equity: Retained earnings Common stock Total shareholders' equity Total liabilities and shareholders' equity $ 193,800 140,000 612,400 333,800 $ 946,200