10 1.2 points eBook Print References Problem 3-9 (Algo) Balance sheet preparation [LO3-2, 3-3] Presented below is the balance sheet for HHD, Inc., at December 31, 2021. Current assets. $ 668,000 Investments Property, plant, and equipment Intangible assets 551,000 2,476,000 234,000 $3,929,000 Total assets Current liabilities $ 468,000 641,000 Long-term liabilities Shareholders' equity 2,820,000 Total liabilities and shareholders' equity $3,929,000 The captions shown in the summarized statement above include the following: a. Current assets: cash, $167,000; accounts receivable (net), $217,000; inventory, $242,000; and prepaid insurance, $42,000. b. Investments: investment in equity securities, short term, $107,000, and long term, $177,000; and restricted cash, long term, $267,000. c. Property, plant, and equipment: buildings, $1,670,000 less accumulated depreciation, $617,000; equipment, $670,000 less accumulated depreciation, $217,000; and land, $970,000. d. Intangible assets net of amortization: patent, $127,000; and copyright, $107,000. e. Current liabilities: accounts payable, $117,000; notes payable, short term, $167,000, and long term, $107,000; and income taxes payable, $77,000. f. Long-term liabilities: bonds payable due 2023. g. Shareholders' equity: common stock, $1,850,000; retained earnings, $970,000. Six hundred thousand shares of no par common stock are authorized, of which 370,000 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.) Current assets: Cash Accounts receivable (net) Inventory Prepaid insurance HHD, INC. Balance Sheet At December 31, 2021 Assets Total current assets Investments: Investment in equity securities Restricted cash Total investments Property, plant, and equipment: Land Buildings Equipment Less: Accumulated depreciation - buildings Less: Accumulated depreciation - equipment Net property, plant, and equipment: Total intangible assets Total assets Intangible assets: Patent (net) Copyright (net) 0 $ 0 0 0 0 0 Current liabilities: Liabilities and Shareholders' Equity Accounts payable Notes payable (current) Income taxes payable Total current liabilities Long-term liabilities: Notes payable (long-term) Bonds payable Total long-term liabilities Total liabilities Shareholders' equity: Common stock Retained earnings Total shareholders' equity Total liabilities and shareholders' equity 0 0 0 0 0