The following is the balance sheet of Korver Supply Company at December 31, 2020 (prior year). KORVER SUPPLY COMPANY Balance Sheet At December 31, 2020 Assets Cash Accounts receivable Inventory Furniture and fixtures (net) Total assets Liabilities and Shareholders' Equity Accounts payable (for merchandise) Notes payable Interest payable Common stock Retained earnings Total liabilities and shareholders' equity $110,000 220,000 170,000 130,000 $630,000 $ 170,000 180,000 9,000 130,000 141,000 $630,000 Transactions during 2021 (current year) were as follows: 1. 2. 3. Sales to customers on account Cash collected from customers Purchase of merchandise on account Cash payment to suppliers Cost of merchandise sold Cash paid for operating expenses Cash paid for interest on notes $830,000 810,000 520,000 530,000 470,000 190,000 18,000 5. 6. 7. Additional Information: The notes payable are dated June 30, 2020, and are due on June 30, 2022. Interest at 10% is payable annually on June 30. Depreciation on the furniture and fixtures for 2021 is $23,000. The furniture and fixtures originally cost $330,000. Required: Prepare a classified balance sheet at December 31, 2021, by updating ending balances from 2020 for transactions during 2021 and the additional information. The cost of furniture and fixtures and their accumulated depreciation are shown separately. (Amounts to be deducted should be indicated by a minus sign.) KORVER SUPPLY COMPANY Balance Sheet At December 31, 2021 Assets Current assets: Cash Accounts receivable Inventory Total current assets 0 Property, plant, and equipment: 0 Net property, plant, and equipment Total assets Liabilities and Shareholders' Equity $ 0 Current liabilities: Total current liabilities 0 Shareholders' equity: Total shareholders' equity Total liabilities and shareholders' equity $