Problem 3-9 (Algo) Balance sheet preparation [LO3-2, 3-3]

Presented below is the balance sheet for HHD, Incorporated, at December 31, 2024.

Current assets	$ 644,000
Investments	533,000
Property, plant, and equipment	2,308,000
Intangible assets	222,000
Total assets	$ 3,707,000
Current liabilities	$ 444,000
Long-term liabilities	803,000
Shareholders' equity	2,460,000
Total liabilities and shareholders' equity	$ 3,707,000

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

1. Current assets: cash, $161,000; accounts receivable (net), $211,000; inventory, $236,000; and prepaid insurance, $36,000.
2. Investments: investment in equity securities, short term, $101,000, and long term, $432,000.
3. 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.
4. Intangible assets net of amortization: patent, $121,000; and copyright, $101,000.
5. Current liabilities: accounts payable, $111,000; notes payable, short term, $161,000, and long term, $101,000; and income taxes payable, $71,000.
6. Long-term liabilities: bonds payable due 2026.
7. 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.