The following is the balance sheet of Korver Supply Company at December 31, 2020 (prior year). KORVER SUPPLY COMPANY Balance Sheet At December 31, 2020 Assets Cash $180,000 Accounts receivable 310,000 ok Inventory 260,000 Furniture and fixtures (net) 200,000 nt Total assets $950,000 ences Liabilities and Shareholders' Equity Accounts payable (for merchandise) $310,000 Notes payable 320,000 Interest payable 8,000 Common stock 150,000 Retained earnings 162,000 Total liabilities and shareholders' equity $950,000 Transactions during 2021 (current year) were as follows: