The following is the balance sheet of Korver Supply Company at December 31, 2015 KORVER SUPPLY COMPANY Balance Sheet At December 31, 2015 Assets Cash Accounts receivable Inventories Furniture and fixtures, net $180,000 310,000 260,000 200,000 Total assets $950,000 Liabilities and Shareholders' Equity Accounts payable (for merchandise) Note payable Interest payable Common stock Retained earnings $310,000 320,000 8,000 150,000 162,000 Total liabilities and shareholders' equity $950,000 Transactions during 2016 were as follows 1. Sales to customers on account 2. Cash collected from customers 3. Purchase of merchandise on account 4. Cash payment to suppliers 5. Cost of merchandise sold 6. Cash paid for operating expenses 7. Cash paid for interest on note $970,000 950,000 660,000 670,000 610,000 330,000 16,000 The note payable is dated June 30, 2015 and is due on June 30, 2017, Interest at 5% is payable annually on June 30. Depreciation on the furniture and fixtures for the year is $37,000. The furniture and fixtures originally cost 5470,000 Required Prepare a classified balance sheet at December 31, 2016 (ignore income taxes). (Amounts to be deducted should be indicated by a minus sign.)