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Presented below is the balance sheet for HHD, Incorporated, at December 31, 2024. The captions shown in the summarized statement above include the following: a.
Presented below is the balance sheet for HHD, Incorporated, at December 31, 2024. The captions shown in the summarized statement above include the following: a. Current assets: cash, $166,000; accounts receivable (net), $216,000; inventory, $241,000; and prepaid insurance, $41,000. b. Investments: investment in equity securities, short term, $106,000, and long term, $442,000. c. Property, plant, and equipment: buildings, $1,660,000 less accumulated depreciation, $616,000; equipment, $660,000 less accumulated depreciation, $216,000; and land, $960,000. d. Intangible assets net of amortization: patent, $126,000; and copyright, $106,000. e. Current liabilities: accounts payable, $116,000; notes payable, short term, $166,000, and long term, $106,000; and income tax payable, $76,000. f. Long-term liabilities: bonds payable due 2026 . g. Shareholders' equity: common stock, $1,800,000; retained earnings, $960,000. Five hundred thousand shares of no par common stock are authorized, of which 360,000 shares were issued and are outstanding. Required: Prepare a corrected classified balance sheet for HHD, Incorporated, at December 31, 2024. Note: Amounts to be deducted should be indicated bv a minus sian
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