The following is the balance sheet of Korver Supply Company at December 31, 2023 (prior year). KORVER SUPPLY COMPANY Balance Sheet At December 31, 2023 Assets Cash Accounts receivable Inventory Furniture and fixtures (net) Total assets Liabilities and Shareholders' Equity Accounts payable (for inventory) Notes payable Interest payable Common stock Retained earnings Total liabilities and shareholders' equity $ 175,000 300,000 250,000 195,000 $920,000 $ 300,000 310,000 12,400 140,000 157,600 $920,000 Transactions during 2024 (current year) were as follows: 1. Sales to customers on account 2. Cash collected from customers 3. Purchase of inventory on account 4. Cash payment to supplier's 5. Cost of inventory sold 6. Cash paid for operating expenses 7. Cash paid for interest on notes Additional Information: $960,000 940,000 658,000 660,000 600,000 320,000 24,800 The notes payable are dated June 30, 2023, and are due on June 30, 2025 Interest at 8% is payable annually on June 30 Depreciation on the furniture and fixtures for 2024 is $36,000. The furniture and fixtures originally cost $460,000. Required: Prepare a classified balance sheet at December 31, 2024, by updating ending balances from 2023 for transactions during 2024 and Assets Current assets: Total current assets Property, plant, and equipment: Net property, plant, and equipment Total assets Current liabilities: Total current liabilities Shareholders' equity: Liabilities and Shareholders' Equity Total shareholders' equity Total liabilities and shareholders' equity