The following is the balance sheet of Korver Supply Company at December 31, 2010.
The note payable is dated June 30, 2010 and is due on June 30, 2012. Interest at 6% is payable annually on June 30. Depreciation on the furniture and fixtures for the year is $20,000. The furniture and fixtures originally cost $300,000.
Prepare a classified balance sheet at December 21, 2011.