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 $120,000 Accounts receivable 300,000 Inventory 200,000 Furniture and fixtures (net) 150,000 Total assets 5770,000 Liabilities and Shareholders' Equity Accounts payable (for merchandise) $190,000 Notes payable 200,000 Interest payable 6,000 Con stock 100.ece Retained earnings 274.000 Total liabilities and shareholders' equity 5770,000 Transactions during 2021 (current year) were as follows: 1. Sales to customers on account 2. Cash collected from customers 3. Purchase of merchandise on account 4. Cash payment to suppliers 5. Cost of merchandise sold 6. Cash paid for operating expenses 7. Cash paid for Interest on notes 5300,000 780,000 550.000 560,000 500,000 150,00 12,000 Additional Information The notes payable are dated June 30, 2020, and are due on June 30, 2022. Interest at 6% is payable annually on June 30. Depreciation on the furniture and fotures for 2021 is $20,000. The furniture and foctures originally cost $300,000 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 fortures and their accumulated depreciation are shown separately. (Amounts to be deducted should be indicated by a minus sign) KORNER SUPPLY COMPANY Balance She ALD-31 deducted should be indicated by a minus sign.) KORVER SUPPLY COMPANY Balance Sheet At December 31, 2021 Assets Current assets Total current assets Property, plant and equipment Net property, plant, and equipment Total assets Liabilities and Shareholders' Equity Current liabilities: 4 Total current liabilities Shareholders equity Total shareholders equity Total bases and shareholders' equity