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Transactions during 2021 (current year) were as follows: 1. Sales to customers on account 2. Cash collected from customers 3. Purchase of merchandise on account 4. Cash payment to suppliers 5. Cost of merchandise sold 6. Cash paid for operating expenses 7. Cash paid for interest on notes $870,000 850,000 560,000 570,000 510,000 230,000 22,000 Additional Information The notes payable are dated June 30, 2020, and are due on June 30, 2022. Interest at 10% is payable annually on June 30. Depreciation on the furniture and fixtures for 2021 is $27.000. The furniture and fixtures originally cost $370,000. 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.) KORVER SUPPLY COMPANY Balance Sheet At December 31, 2021 Assets Current assets 0 Total current assets Property, plant and equipment. 0 Total current assets Property, plant, and equipment: 0 Net property, plant, and equipment Total assets Liabilities and Shareholders' Equity Current liabilities: $ CA 0 Total current liabilities Shareholders' equity 0 Total shareholders' equity Total liabilities and shareholders equity 0 S 0 Transactions during 2021 (current year) were as follows: 1. Sales to customers on account 2. Cash collected from customers 3. Purchase of merchandise on account 4. Cash payment to suppliers 5. Cost of merchandise sold 6. Cash paid for operating expenses 7. Cash paid for interest on notes $870,000 850,000 560,000 570,000 510,000 230,000 22,000 Additional Information The notes payable are dated June 30, 2020, and are due on June 30, 2022. Interest at 10% is payable annually on June 30. Depreciation on the furniture and fixtures for 2021 is $27.000. The furniture and fixtures originally cost $370,000. 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.) KORVER SUPPLY COMPANY Balance Sheet At December 31, 2021 Assets Current assets 0 Total current assets Property, plant and equipment. 0 Total current assets Property, plant, and equipment: 0 Net property, plant, and equipment Total assets Liabilities and Shareholders' Equity Current liabilities: $ CA 0 Total current liabilities Shareholders' equity 0 Total shareholders' equity Total liabilities and shareholders equity 0 S 0