Accounting-Presented below is the balance sheet for HHD, Inc.

| January 30, 2017

Question
Presented below is the balance sheet for HHD, Inc., at December 31, 2016.

Current assets

$ 600,000

Investments

500,000

Property, plant, and equipment

2,000,000

Intangible assets

200,000

  Total assets

$3,300,000

Current liabilities

$ 400,000

Long-term liabilities

1,100,000

Shareholders’ equity

1,800,000

  Total liabilities and shareholders’ equity

$3,300,000

The captions shown in the summarized statement above include the following:

Current assets: cash, $150,000; accounts receivable, $200,000; inventories, $225,000; and prepaid insurance, $25,000.
Investments: investments in common stock, short term, $90,000, and long term, $160,000; and restricted cash, long term, $250,000. Page 160
Property, plant, and equipment: buildings, $1,500,000 less accumulated depreciation, $600,000; equipment, $500,000 less accumulated depreciation, $200,000; and land, $800,000.
Intangible assets: patent, $110,000; and copyright, $90,000.
Current liabilities: accounts payable, $100,000; notes payable, short term, $150,000, and long term, $90,000; and taxes payable, $60,000.
Long-term liabilities: bonds payable due 2021.
Shareholders’ equity: common stock, $1,000,000; retained earnings, $800,000. Five hundred thousand shares of no par common stock are authorized, of which 200,000 shares were issued and are outstanding.
Required:

Prepare a corrected classified balance sheet for HHD, Inc., at December 31, 2016.

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