Presented below is the balance sheet for the Tillamoo Cheese Company at December 31, 2016.

Current assets ............... $ 740,000 Current liabilities ........... $ 620,000

Investments .................. 300,000 Long-term liabilities ...... 1,000,000

Property, plant, and

equipment ................. 2,450,000 Shareholders equity ...... 2,170,000

Intangible assets ........... 300,000 Total liabilities and

Total assets ................ $3,790,000 shareholders equity $3,790,000

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

a. Current assets: cash, $170,000; cash equivalents, $20,000; accounts receivable, $300,000; inventories, $235,000; and prepaid expenses, $15,000.

b. Investments: investments in common stock, short-term, $40,000; investments in bonds of other corporations, long-term, $260,000.

c. Property, plant, and equipment: buildings, $1,200,000 less accumulated depreciation, $300,000; equipment, $900,000 less accumulated depreciation, $300,000; and land, $950,000.

d. Intangible assets: patent, $80,000; and goodwill, $220,000.

e. Current liabilities: accounts payable, $260,000; notes payable, short-term, $180,000, and long-term, $100,000; interest payable, $20,000; and other accrued liabilities, $60,000

f. Long-term liabilities: bonds payable due in 2020.

g. Shareholders equity: common stock, $1,500,000; retained earnings, $670,000. The common stock account represents 1,000,000 shares of no par value common stock issued and outstanding. The corporation has 2,000,000 shares authorized.

Required: Prepare a corrected classified balance sheet for Tillamoo at December 31, 2016.