The following is the balance sheet of Korver Supply Company at December 31, 2015. KORVER SUPPLY COMPANY Balance Sheet At December 31, 2015 Assets Cash $ 105,000 Accounts receivable 210,000 Inventories 160,000 Furniture and fixtures, net 125,000 Total assets $ 600,000 Liabilities and Shareholders Equity Accounts payable (for merchandise) $ 160,000 Note payable 170,000 Interest payable 5,100 Common stock 120,000 Retained earnings 144,900 Total liabilities and shareholders' equity $ 600,000 Transactions during 2016 were as follows: 1. Sales to customers on account $ 820,000 2. Cash collected from customers 800,000 3. Purchase of merchandise on account 510,000 4. Cash payment to suppliers 520,000 5. Cost of merchandise sold 460,000 6. Cash paid for operating expenses 180,000 7. Cash paid for interest on note 10,200 The note payable is dated June 30, 2015 and is due on June 30, 2017. Interest at 6% is payable annually on June 30. Depreciation on the furniture and fixtures for the year is $22,000. The furniture and fixtures originally cost $320,000. Required: Prepare a classified balance sheet at December 31, 2016 (ignore income taxes). (Amounts to be deducted should be indicated by a minus sign.)