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The following is the balance sheet of Korver Supply Company at December 31, 2017. Transactions during 2018 were as follows: The note payable is dated
The following is the balance sheet of Korver Supply Company at December 31, 2017. Transactions during 2018 were as follows: The note payable is dated June 30, 2017 and is due on June 30, 2019, Interest at 8% is payable annually on June 30. Depreciation on the furniture and fixtures for the year is $32,000. The furniture and fixtures originally cost $420,000. Prepare a classified balance sheet at December 31, 2018 (ignore income taxes). (Amounts to be deducted should be indicated by a minus sign.)
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