14 The following balance sheet for the Hubbard Corporation was prepared by the company HUBBARD CORPORATION Balance Sheet At December 31, 2021 Assets Buildings $ 758,000 Land 274,000 Cash 68,000 Accounts receivable (net) 136,000 Inventory 256,000 Machinery 288,000 Patent (net) 108,000 Investment in equity securities 76,000 Total assets $ 1,964,000 Liabilities and Shareholders' Equity Accounts payable $ 223,000 Accumulated depreciation 263,000 Notes payable 516,000 Appreciation of inventory 88,000 Common stock (authorized and issued 108,000 shares of no par stock) 432,000 Retained earnings 442,000 Total liabilities and shareholders' equity $ 1,964,000 Additional information The buildings, land, and machinery are all stated at cost except for a parcel of land that the company is holding for future sale The land originally cost $58,000 but, due to a significant increase in market value, is listed at $136,000 The increase in the land account was credited to retained earnings The investment in equity securities account consists of stocks of other corporations and are recorded at cost, $28,000 of which will be sold in the coming year The remainder will be held indefinitely Notes payable are all long term However, a $180,000 note requires an installment payment of $45,000 due in the coming year Inventory is recorded at current resale value The original cost of the inventory is $168,000 Required Prepare a corrected classified balance sheet for the Hubbard Corporation at December 31, 2021 (Amounts to be deducted should be indicated by a minus sign ) Assets Current assets Total current assets Investments Total investments Property, plant, and equipment Net property, plant, and equipment Intangible assets Net property, plant, and equipment Intangible assets Total assets Liabilities and Shareholders' Equity Current liabilities Total current liabilities Long term liabilities Total liabilities Shareholders' equity Total shareholders' equity Total liabilities and shareholders' equity

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14. The following balance sheet for the Hubbard Corporation was prepared by the company: HUBBARD CORPORATION Balance Sheet At December 31, 2021 Assets Buildings $

14. The following balance sheet for the Hubbard Corporation was prepared by the company:

HUBBARD CORPORATION
Balance Sheet
At December 31, 2021
Assets
Buildings	$	758,000
Land		274,000
Cash		68,000
Accounts receivable (net)		136,000
Inventory		256,000
Machinery		288,000
Patent (net)		108,000
Investment in equity securities		76,000
Total assets	$	1,964,000
Liabilities and Shareholders' Equity
Accounts payable	$	223,000
Accumulated depreciation		263,000
Notes payable		516,000
Appreciation of inventory		88,000
Common stock (authorized and issued 108,000 shares of no par stock)		432,000
Retained earnings		442,000
Total liabilities and shareholders' equity	$	1,964,000

Additional information:

The buildings, land, and machinery are all stated at cost except for a parcel of land that the company is holding for future sale. The land originally cost $58,000 but, due to a significant increase in market value, is listed at $136,000. The increase in the land account was credited to retained earnings.
The investment in equity securities account consists of stocks of other corporations and are recorded at cost, $28,000 of which will be sold in the coming year. The remainder will be held indefinitely.
Notes payable are all long term. However, a $180,000 note requires an installment payment of $45,000 due in the coming year.
Inventory is recorded at current resale value. The original cost of the inventory is $168,000.

Required: Prepare a corrected classified balance sheet for the Hubbard Corporation at December 31, 2021. (Amounts to be deducted should be indicated by a minus sign.)

Assets Current assets: Total current assets Investments: Total investments Property, plant, and equipment: Net property, plant, and equipment Intangible assets: Net property, plant, and equipment Intangible assets: Total assets Liabilities and Shareholders' Equity Current liabilities: Total current liabilities Long-term liabilities: Total liabilities Shareholders' equity: Total shareholders' equity Total liabilities and shareholders' equity