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 $ 115,000 Accounts receivable 230,000 Inventory 180,000 Furniture and fixtures (net) 135,000 Total assets $ 660,000 Liabilities and Shareholders Equity Accounts payable (for merchandise) $ 180,000 Notes payable 190,000 Interest payable 9,500 Common stock 140,000 Retained earnings 140,500 Total liabilities and shareholders equity $ 660,000 Transactions during 2021 (current year) were as follows: 1. Sales to customers on account $ 840,000 2. Cash collected from customers 820,000 3. Purchase of merchandise on account 530,000 4. Cash payment to suppliers 540,000 5. Cost of merchandise sold 480,000 6. Cash paid for operating expenses 200,000 7. Cash paid for interest on notes 19,000 Additional Information: The notes payable are dated June 30, 2020, and are due on June 30, 2022. Interest at 10% is payable annually on June 30. Depreciation on the furniture and fixtures for 2021 is $24,000. The furniture and fixtures originally cost $340,000. Required: Prepare a classified balance sheet at December 31, 2021, by updating ending balances from 2020 for transactions during 2021 and the additional information. The cost of furniture and fixtures and their accumulated depreciation are shown separately. (Amounts to be deducted should be indicated by a minus sign.)