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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
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 and is not being used in the operations of the business. The land originally cost \$66,000 but, due to a significant increase in market value, is listed at $152,000. 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, $36,000 of which will be sold in the coming year. The remainder will be held indefinitely 3. Notes payable are all long term. However, a $260.000 note requires an installiment payment af $65,000 due in the coming year, 4. Inventory is recorded at current resale value. The original cost of the inventory is \$176,000. Required: Prepare a corrected classified balance sheet for the Hubbard Corporation at December 31,2024 Note: Amounts to be deducted should be indicated by a minus sign
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