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 $ $120,000$

Accounts receivable $240,000$

Inventory $190,000$

Furniture and fixtures $($net$)140,000$

Total assets $ $690,000$

Liabilities and Shareholders$$ Equity

Accounts payable $($for inventory$)$ $ $190,000$

Notes payable $200,000$

Interest payable $5,000$

Common stock $150,000$

Retained earnings $145,000$

Total liabilities and shareholders$$ equity $ $690,000$

Transactions during $2024($current year$)$ were as follows:

$1.$ Sales to customers on account $ $850,000$

$2.$ Cash collected from customers $830,000$

$3.$ Purchase of inventory on account $540,000$

$4.$ Cash payment to suppliers $550,000$

$5.$ Cost of inventory sold $490,000$

$6.$ Cash paid for operating expenses $210,000$

$7.$ Cash paid for interest on notes $10,000$

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 $$25,000.$ The furniture and fixtures originally cost $$350,000.$

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.