The following is the balance sheet of Korver Supply Company at December 31, 2017 KORVER SUPPLY COMPANY Balance Sheet At December 31, 2017 Assets Cash Accounts receivable Inventories Furniture and fixtures, net $185,006 320,000 270,000 205,000 $980,0000 Total assets Liabilities and Shareholders' Equity Accounts payable (for merchandise) Note payable Interest payable Common stock Retained earnings $250,000 260,000 7,800 100,000 362,200 $980,000 Total liabilities and shareholders' equity Transactions during 2018 were as rollows: 1. Sales to customers on account 2. 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 $980,0000 960,000 500,000 510,000 450,000 340,000 15,600 Cash collected from customers The note payable is dated June 30, 2017 and is due on June 30, 2019, Interest at 6% is payable annually on June 30, Depreciation on the furniture and fixtures for the year is $38,000. The furniture and fixtures originally cost $480,000. Required Prepare a classified balance sheet at December 31, 2018 (ignore income taxes). (Amounts to be deducted should be indicated by a minus sign.)