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	$	165,000
Accounts receivable		330,000
Inventories		280,000
Furniture and fixtures, net		185,000
Total assets	$	960,000
Liabilities and Shareholders Equity
Accounts payable (for merchandise)	$	280,000
Note payable		290,000
Interest payable		8,700
Common stock		120,000
Retained earnings		261,300
Total liabilities and shareholders' equity	$	960,000

Transactions during 2016 were as follows:

1.	Sales to customers on account	$	940,000
2.	Cash collected from customers		920,000
3.	Purchase of merchandise on account		630,000
4.	Cash payment to suppliers		640,000
5.	Cost of merchandise sold		580,000
6.	Cash paid for operating expenses		300,000
7.	Cash paid for interest on note		17,400

The note payable is dated June 30, 2015 and is due on June 30, 2017. Interest at 6% is payable annually on June 30. Depreciation on the furniture and fixtures for the year is $34,000. The furniture and fixtures originally cost $440,000.

Required:

Prepare a classified balance sheet at December 31, 2016 (ignore income taxes). (Amounts to be deducted should be indicated by a minus sign.)