He HUBBARD CORPORATION Balance Sheet At December 31, 2018 Assets Buildings $ 766,e00 298,e00 76,000 152,000 272,000 296,000 116,000 92.000 Land Cash Accounts receivable (net) Inventories Machinery Patent (net) Investment in marketable equity securities Total assets $2,068,eee Liabilities and Shareholders' Equity Accounts payable Accumulated depreciation Notes payable Appreciation of inventories Common stock, authorized and issued 116,000 shares of no par stock Retained earnings $ 231,000 271,000 532,000 96,000 464,000 474,000 Total liabilities and shareholders' equity $2,068,000 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 $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 Marketable equity securities consist 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 installment payment of $65,000 due in the coming year 4. Inventories are recorded at current resale value. The original cost of the inventories is $176,000. Help Saved Required: Prepare a corrected classified balance sheet for the Hubbard Corporation at December 31, 2018. (Amounts to be deducted should be indicated by a minus sign.) HUBBARD CORPORATION Balance Sheet At December 31, 2018 44 0