Exercise $3-9($Static$)$ Balance sheet preparation $[$LO$3-2,3-3]$

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

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

Sales to customers on account

Cash collected from customers

Purchase of inventory on account

Cash payment to suppliers

Cost of inventory sold

Cash paid for operating expenses

Cash paid for interest on notes

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.