On May 1, 2020, Christina Fashions borrowed $109,000 at a bank by signing a four-year, 6% loan. The terms of the loan require equal principal payments of $27,250 and accrued interest at 6% due annually on April 30. The loan agreement requires the company to maintain a minimum current ratio of 2.0. The December 31, 2020, year-end statement of financial position, immediately prior to the reclassification of long-term debt, follows: Current assets $121,900 Current liabilities $53,000 Non-current assets 201,100 Loan payable 109,000 Common shares 82,000 Retained earnings 79,000 Total liabilities and Total assets $323,000 shareholders' equity $323,000