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 $ 100,000 Accounts receivable 200,000 Inventory 150,000 Furniture and fixtures (net) 120,000 Total assets $ 570,000 Liabilities and Shareholders Equity Accounts payable (for inventory) $ 150,000 Notes payable 160,000 Interest payable 4,000 Common stock 110,000 Retained earnings 146,000 Total liabilities and shareholders equity $ 570,000 Transactions during 2024 (current year) were as follows: 1. Sales to customers on account $ 810,000 2. Cash collected from customers 790,000 3. Purchase of inventory on account 500,000 4. Cash payment to suppliers 510,000 5. Cost of inventory sold 450,000 6. Cash paid for operating expenses 170,000 7. Cash paid for interest on notes 8,000 Additional Information: The notes payable are dated June 30, 2023, and are due on June 30, 2025. Interest at 5% is payable annually on June 30. Depreciation on the furniture and fixtures for 2024 is $21,000. The furniture and fixtures originally cost $310,000. Required: Prepare a classified balance sheet at December 31, 2024, by updating ending balances from 2023 for transactions during 2024 and the additional information. The cost of furniture and fixtures and their accumulated depreciation are shown separately. Note: Amounts to be deducted should be indicated by a minus sign