On May $1,2020,$ Christina Fashions borrowed $$103,000$ at a bank by signing a four$-$year, $6\%$ loan. The terms of the loan require equal principal payments of $$25,750$ and accrued interest at $6\%$ due annually on April $30.$ The loan agreement requires the company to maintain a minimum current ratio of $2\mathrm{.}0.$ The December $31,2020,$ year$-$end statement of financial position, immediately prior to the reclassification of long$-$term debt, follows:Current assets$$132,000$Non$-$current assets$163,000$Total assets$$295,000$Current liabilitiesLoan payableCommon sharesRetained earningsTotal liabilities and shareholders' equity$$55,000103,00067,00070,000$$$295,000$