. Chapter 3, H. 2 100 points 10.00 points The following balance sheet for the Hubbard Corporation was prepared by the company Balance Sheet At December 31, 2016 Assets 763,000 289,000 3,000 146,000 266,000 293,000 113,000 6,000 Accounts receivable (net) Machinery Patent (net) Investment in marketable equity securities Total assets $2.029,000 Accounts payable Noles payable Appreciation of inventories Common stock, authorized and issued 228,000 268,000 526,000 93,000 113,000 shares of no par stock Retained earnings 452.000 462,000 Total labilites and shareholders' equity $2.029,000 Additional information are all stated at cost except for a parcel of land that the company is secunties consist of stocks of other corporations and are recorded at cost. $33,000 of However, a $230,000 note sequires an installment payment of $57 500 holding for future sale The land originally cost $63,000 but, due to a significant increase in market value, s isted at $146,000. The increase in the land which will be sold in the coming year. The remainder will be held indefinitely due in the omng year Inventories are recorded at current resale value. The original cost of the inventories is $173,000 account was credted to retained eamings 2. Marketable equity s 3. Notes payable are all long-tem. Required: Prepare a corrected clasofied balance sheet for the Hubbard Corporation al December 31, 2016 (Amounts to be deducted should be indicated by a minus sign.)