Exercise $3-9($Static$)$ Balance sheet preparation $LO3-2,3-3$

The following is the balance sheet of Korver Supply Company at December $31,2023($prior year$).$

Transactions during $2024($current year$)$ were as follows:

Additional Information:

The notes payable are dated June $30,2023,$ and are due on June $30,2025.$ Interest at $6\%$ is payable annually on June $30.$

Depreciation on the furniture and fixtures for $2024$ is $$20,000.$ The furniture and fixtures originally cost $$300,000.$

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.