Question: Presented below is the balance sheet for HHD , Incorporated, at December 3 1 , 2 0 2 4 . Current assets$ 6 4 4

Presented below is the balance sheet for HHD, Incorporated, at December 31,2024.Current assets$ 644,000Investments533,000Property, plant, and equipment2,308,000Intangible assets222,000Total assets$ 3,707,000Current liabilities$ 444,000Long-term liabilities803,000Shareholders\' equity2,460,000Total liabilities and shareholders\' equity$ 3,707,000The captions shown in the summarized statement above include the following:Current assets: cash, $161,000; accounts receivable (net), $211,000; inventory, $236,000; and prepaid insurance, $36,000.Investments: investment in equity securities, short term, $101,000, and long term, $432,000.Property, plant, and equipment: buildings, $1,610,000 less accumulated depreciation, $611,000; equipment, $610,000 less accumulated depreciation, $211,000; and land, $910,000.Intangible assets net of amortization: patent, $121,000; and copyright, $101,000.Current liabilities: accounts payable, $111,000; notes payable, short term, $161,000, and long term, $101,000; and income taxes payable, $71,000.Long-term liabilities: bonds payable due 2026.Shareholders equity: common stock, $1,550,000; retained earnings, $910,000. Four hundred thousand shares of no par common stock are authorized, of which 310,000 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 by a minus sign.

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