Answer this: Explain in detail a minimum of one element found in response to this question.

-I'm unsure how to explain and detail this problem with enough wording to create an entire memo, if someone could provide a general basis, idea, outline, or draft so I know where to go with this that would be helpful-

The question with answers are included below

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 $63,000 but, due to a significant increase in market value, is listed at $146,000. 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, $33,000 of which will be sold in the coming year. The remainder will be held indefinitely. 3. Notes payable are all long term. However, a $230,000 note requires an installment payment of $57,500 due in the coming year. 4. Inventory is recorded at current resale value. The original cost of the inventory is $173,000. 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.) HUBBARD CORPORATION Balance Sheet At December 31, 2021 Assets Current assets: Liabilities and Shareholders' Equity