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Presented below is the balance sheet for HHD, Inc., at December 31, 2021. Current assets $ 676,000 Investments 557,000 Property, plant, and equipment 2,532,000 Intangible

Presented below is the balance sheet for HHD, Inc., at December 31, 2021.

Current assets $ 676,000
Investments 557,000
Property, plant, and equipment 2,532,000
Intangible assets 238,000
Total assets $ 4,003,000
Current liabilities $ 476,000
Long-term liabilities 587,000
Shareholders' equity 2,940,000
Total liabilities and shareholders' equity $ 4,003,000

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

  1. Current assets: cash, $169,000; accounts receivable (net), $219,000; inventory, $244,000; and prepaid insurance, $44,000.
  2. Investments: investment in equity securities, short term, $109,000, and long term, $179,000; and restricted cash, long term, $269,000.
  3. Property, plant, and equipment: buildings, $1,690,000 less accumulated depreciation, $619,000; equipment, $690,000 less accumulated depreciation, $219,000; and land, $990,000.
  4. Intangible assets net of amortization: patent, $129,000; and copyright, $109,000.
  5. Current liabilities: accounts payable, $119,000; notes payable, short term, $169,000, and long term, $109,000; and income taxes payable, $79,000.
  6. Long-term liabilities: bonds payable due 2023.
  7. Shareholders equity: common stock, $1,950,000; retained earnings, $990,000. Five hundred thousand shares of no par common stock are authorized, of which 390,000 shares were issued and are outstanding.

Required: Prepare a corrected classified balance sheet for HHD, Inc., at December 31, 2021. (Amounts to be deducted should be indicated by a minus sign.)image text in transcribedimage text in transcribed

HHD, INC. Balance Sheet At December 31, 2021 Assets Current assets: ets: Total current assets Investments: Total investments Property, plant, and equipment: Net property, plant, and equipment: Intangible assets: Total intangible assets Total intangible assets Total assets Liabilities and Shareholders' Equity Current liabilities: Total current liabilities Long-term liabilities: Total long-term liabilities Total liabilities Shareholders' equity: Total shareholders' equity Total liabilities and shareholders' equity

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