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	$ 110,000
Accounts receivable	220,000
Inventory	170,000
Furniture and fixtures (net)	130,000
Total assets	$ 630,000
Liabilities and Shareholders Equity
Accounts payable (for inventory)	$ 170,000
Notes payable	180,000
Interest payable	9,000
Common stock	130,000
Retained earnings	141,000
Total liabilities and shareholders equity	$ 630,000

Transactions during 2024 (current year) were as follows:

1. Sales to customers on account	$ 830,000
2. Cash collected from customers	810,000
3. Purchase of inventory on account	520,000
4. Cash payment to suppliers	530,000
5. Cost of inventory sold	470,000
6. Cash paid for operating expenses	190,000
7. Cash paid for interest on notes	18,000

Additional Information:

The notes payable are dated June 30, 2023, and are due on June 30, 2025. Interest at 10% is payable annually on June 30. Depreciation on the furniture and fixtures for 2024 is $23,000. The furniture and fixtures originally cost $330,000.

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.