Additional information:

1 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 $62,000 but, due to a significant increase in market value, is listed at $144,000. The increase in the land account was credited to retained earnings.

2 The investment in equity securities account consists of stocks of other corporations and are recorded at cost, $32,000 of which will be sold in the coming year. The remainder will be held indefinitely.

3 Notes payable are all long term. However, a $220,000 note requires an installment payment of $55,000 due in the coming year.

4 Inventory is recorded at current resale value. The original cost of the inventory is $172,000.

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.)

The following balance sheet for the Hubbard Corporation was prepared by the company: Additional information: 1. 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 $62,000 but, due to a significant increase in market value, is listed at $144,000. The increase in the land account was credited to retained earnings. 2. The investment in equity securities account consists of stocks of other corporations and are recorded at cost, $32,000 of which will be sold in the coming year. The remainder will be held indefinitely. 3. Notes payable are all long term. However, a $220,000 note requires an installment payment of $55,000 due in the coming year. 4. Inventory is recorded at current resale value. The original cost of the inventory is $172.000. 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.) \begin{tabular}{|l|r|r|} \hline \multicolumn{1}{|c|}{ HUBBARD CORPORATION } & \\ \hline \multicolumn{1}{|c|}{ Balance Sheet } & \\ \hline As Docember 31, 2021 & \\ \hline Current assets: & & 72,000 \\ \hline Cash & & 144,000 \\ \hline Accounts receivable (net) & & 264,000 \\ \hline Inventory & & \\ \hline Investment in equity securities & & \\ \hline & & \\ \hline Total current assets & & \\ \hline Investments: & & \\ \hline Land held for sale & & \\ \hline & & \\ \hline Total investments & & \\ \hline Property, plant, and equipment: & & \\ \hline Machinery & & \\ \hline Buildings & & \\ \hline & & \\ \hline Total assets & & \\ \hline Accounts payable & & \\ \hline Net property, plant, and equipment & & \\ \hline Patent (net) & & \\ \hline & & \\ \hline & & \\ \hline \end{tabular} The following balance sheet for the Hubbard Corporation was prepared by the company: Additional information: 1. 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 $62,000 but, due to a significant increase in market value, is listed at $144,000. The increase in the land account was credited to retained earnings. 2. The investment in equity securities account consists of stocks of other corporations and are recorded at cost, $32,000 of which will be sold in the coming year. The remainder will be held indefinitely. 3. Notes payable are all long term. However, a $220,000 note requires an installment payment of $55,000 due in the coming year. 4. Inventory is recorded at current resale value. The original cost of the inventory is $172.000. 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.) \begin{tabular}{|l|r|r|} \hline \multicolumn{1}{|c|}{ HUBBARD CORPORATION } & \\ \hline \multicolumn{1}{|c|}{ Balance Sheet } & \\ \hline As Docember 31, 2021 & \\ \hline Current assets: & & 72,000 \\ \hline Cash & & 144,000 \\ \hline Accounts receivable (net) & & 264,000 \\ \hline Inventory & & \\ \hline Investment in equity securities & & \\ \hline & & \\ \hline Total current assets & & \\ \hline Investments: & & \\ \hline Land held for sale & & \\ \hline & & \\ \hline Total investments & & \\ \hline Property, plant, and equipment: & & \\ \hline Machinery & & \\ \hline Buildings & & \\ \hline & & \\ \hline Total assets & & \\ \hline Accounts payable & & \\ \hline Net property, plant, and equipment & & \\ \hline Patent (net) & & \\ \hline & & \\ \hline & & \\ \hline \end{tabular}