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) $ 170,000 340,000 290,000 190,000 Total assets $ 990,000 Liabilities and Shareholders' Equity Accounts payable (for inventory) Notes payable Interest payable $ 290,000 300,000 10,500 Common stock Retained earnings Total liabilities and shareholders' equity 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 suppliers $ 950,000 930,000 640,000 650,000 590,000 6. Cash paid for operating expenses 7. Cash paid for interest on notes 310,000 21,000 5. Cost of inventory sold 130,000 259,500 $990,000 Additional Information: The notes payable are dated June 30, 2023, and are due on June 30, 2025. Interest at 7% is payable annually on June 30. Depreciation on the furniture and fixtures for 2024 is $35,000. The furniture and fixtures originally cost $450,000. 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.