The following is the balance sheet of Korver Supply Company at December 31, 2020 (prior year).

KORVER SUPPLY COMPANY
Balance Sheet
At December 31, 2020
Assets
Cash	$	145,000
Accounts receivable		290,000
Inventory		240,000
Furniture and fixtures (net)		165,000
Total assets	$	840,000
Liabilities and Shareholders Equity
Accounts payable (for merchandise)	$	240,000
Notes payable		250,000
Interest payable		7,500
Common stock		140,000
Retained earnings		202,500
Total liabilities and shareholders equity	$	840,000

Transactions during 2021 (current year) were as follows:

1.	Sales to customers on account	$	900,000
2.	Cash collected from customers		880,000
3.	Purchase of merchandise on account		590,000
4.	Cash payment to suppliers		600,000
5.	Cost of merchandise sold		540,000
6.	Cash paid for operating expenses		260,000
7.	Cash paid for interest on notes		15,000

Additional Information: The notes payable are dated June 30, 2020, and are due on June 30, 2022. Interest at 6% is payable annually on June 30. Depreciation on the furniture and fixtures for 2021 is $30,000. The furniture and fixtures originally cost $400,000. Required: Prepare a classified balance sheet at December 31, 2021, by updating ending balances from 2020 for transactions during 2021 and the additional information. The cost of furniture and fixtures and their accumulated depreciation are shown separately. (Amounts to be deducted should be indicated by a minus sign.)

please help with the incorrect ones first accumulated depreciation and retained earnings

Requirea: Prepare a classified balance sheet at December 31, 2021, by updating ending balances from 2020 for transactions during 2021 and the additional information. The cost of furniture and fixtures and their accumulated depreciation are shown separately. (Amounts to be deducted should be indicated by a minus sign.) Answer is complete but not entirely correct. KORVER SUPPLY COMPANY Balance Sheet At December 31, 2021 Assets Current assets: $ Cash Accounts receivable Inventory 150,000 310,000 290,000 750.000 Total current assets Property, plant, and equipment: Furniture and fixtures S 400,000 Accumulated depreciation (235,000) Net property, plant, and equipment Total assets Liabilities and Shareholders' Equity 165,000 915,000 $ $ Current liabilities: Accounts payable Interest payable Notes payable OOO 230,000 7,500 250,000 487.500 Total current liabilities Shareholders' equity: Common stock S 140,000 Retained earnings 202,500