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Presented below is the balance sheet for HHD, Inc., at December 31, 2018. Current assets $ 628,000 Investments 521,000 Property, plant, and equipment 2,196,000 Intangible

Presented below is the balance sheet for HHD, Inc., at December 31, 2018.

Current assets $ 628,000
Investments 521,000
Property, plant, and equipment 2,196,000
Intangible assets 214,000
Total assets $ 3,559,000
Current liabilities $ 428,000
Long-term liabilities 911,000
Shareholders' equity 2,220,000
Total liabilities and shareholders' equity $ 3,559,000

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

  1. Current assets: cash, $157,000; accounts receivable, $207,000; inventories, $232,000; and prepaid insurance, $32,000.
  2. Investments: investments in common stock, short term, $97,000, and long term, $167,000; and restricted cash, long term, $257,000.
  3. Property, plant, and equipment: buildings, $1,570,000 less accumulated depreciation, $607,000; equipment, $570,000 less accumulated depreciation, $207,000; and land, $870,000.
  4. Intangible assets: patent, $117,000; and copyright, $97,000.
  5. Current liabilities: accounts payable, $107,000; notes payable, short term, $157,000, and long term, $97,000; and taxes payable, $67,000.
  6. Long-term liabilities: bonds payable due 2023.
  7. Shareholders equity: common stock, $1,350,000; retained earnings, $870,000. Four hundred thousand shares of no par common stock are authorized, of which 270,000 shares were issued and are outstanding.

Required: Prepare a corrected classified balance sheet for HHD, Inc., at December 31, 2018.

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