3. . Hardys bookkeeper provided the following balance sheet.

HARDY COMPANY

Balance Report for the year ended December 31, 2016

Current Assets: Current Liabilities:

Cash $ 58,000 Accounts payable $ 25,000

Accounts receivable Accumulated depreciation:

123,500 buildings 20,000

Inventory, at higher of cost Wages payable 22,200

or market (cost $29,850) 35,800

Sinking fund for bond Additional paid-in capital

retirement 115,000 on common stock 100,000

Long-Term Investments: Long-Term Liabilities:

Treasury stock (at cost) 55,500 Bonds payable 100,000

Investments in bonds Preferred stock, $50 par

100,000 150,000

Marketable securities, Allowance for doubtful accounts

short term at fair value 25,000 15,000

Trademark 25,000 Premium on preferred stock 45,000

Accumulated depreciation:

Property, Plant, and Equipment: equipment 12,000

Land 75,000 Current taxes payable 10,000

Buildings 100,000 Shareholders Equity:

Equipment 45,000 Common Stock, $1 par 75,000

Intangibles: Unrealized gain on write

Employees 150,000 up of inventory to market

Copyrights 15,000 value 5950

Patents 20,000 Retained earnings 362,650

Total Assets $ 942,800 Total Equities $ 942,800

Required:

Prepare the corrected asset section of a classified balance sheet.