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	$	175,000
Accounts receivable		300,000
Inventories		250,000
Furniture and fixtures, net		195,000
Total assets	$	920,000
Liabilities and Shareholders Equity
Accounts payable (for merchandise)	$	300,000
Note payable		310,000
Interest payable		12,400
Common stock		140,000
Retained earnings		157,600
Total liabilities and shareholders' equity	$	920,000

Transactions during 2016 were as follows:

1.	Sales to customers on account	$	960,000
2.	Cash collected from customers		940,000
3.	Purchase of merchandise on account		650,000
4.	Cash payment to suppliers		660,000
5.	Cost of merchandise sold		600,000
6.	Cash paid for operating expenses		320,000
7.	Cash paid for interest on note		24,800

The note payable is dated June 30, 2015 and is due on June 30, 2017. Interest at 8% is payable annually on June 30. Depreciation on the furniture and fixtures for the year is $36,000. The furniture and fixtures originally cost $460,000.

Required:

Prepare a classified balance sheet at December 31, 2016 (ignore income taxes). (Amounts to be deducted should be indicated by a minus sign.)