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

The captions shown in the summarized statement above include the following:a. Current assets: cash, $150,000; accounts receivable (net), $200,000; inventory, $225,000; and prepaid insurance, $25,000.b. Investments: investment in equity securities, short term, $90,000, and long term, $160,000; and restricted cash, long term, $250,000.c. Property, plant, and equipment: buildings, $1,500,000 less accumulated depreciation, $600,000; equipment, $500,000 less accumulated depreciation, $200,000; and land, $800,000.d. Intangible assets net of amortization: patent, $110,000; and copyright, $90,000.e. Current liabilities: accounts payable, $100,000; notes payable, short term, $150,000, and long term, $90,000; and income taxes payable, $60,000.f. Long-term liabilities: bonds payable due 2023.g. Shareholders? equity: common stock, $1,000,000; retained earnings, $800,000. Five hundred thousand shares of no par common stock are authorized, of which 200,000 shares were issued and are outstanding.

Required:Prepare a corrected classified balance sheet for HHD, Inc., at December 31, 2021. Include headings for each classification, as well as titles for each classification?s subtotal. An example of a classified balance sheet can be found in the Concept Review Exercise at the end of Part A of this chapter.

$ 600,000 Current liabilities $ 400,000 Current assets Long-term liabilities 500,000 1,100,000 Investments Property, plant, and equipment Intangible assets Total assets Shareholders' equity 2,000,000 1,800,000 200,000 Total liabilities and shareholders' equity $3,300,000 $3,300,000