HUBBARD CORPORATION Balance Sheet At December 31, 2018 Assets Current assets Cash Accounts receivable (net) Inventories Marketable securities Total current assets plant, and equipment Land Buildings Net property, plant, and equipment ntangible assets Patent Total assets Liabilities and Shareholders' Equity Current liabilities Patent 3 01:0940 Total assets Liabilities and Shareholders' Equity Current liabilities Accounts payable Total current liabilities Long-term liabilities Total liabilities Shareholders' equity Common stock Retained earnings Total shareholders' equity Total liabilities and shareholders' equity The following balance sheet for the Hubbard Corporation was prepared by the company: HUBBARD CORPORATION Balance Sheet At December 31, 2818 Assets Buildings Land Cash Accounts receivable (net) Inventories Machinery Patent (net) Investment in marketable equity securities $ 767,e0 381,808 77,808 154,808 274,8e8 297,888 117,8e8 94,868 Total assets $2,881,808 Liabilities and Shareholders' Equity Accounts payable Accumulated depreciation Notes payable Appreciation of inventories Common stock, authorized and issued $ 232,e0 272,868 534,808 97,80e 117,808 shares of no par stock 468,808 478,808 $2,881,808 Retained earnings Total liabilities and shareholders equity Addltlonel Informetlon: 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 $67,000 but, due to a significant increase in market value, is listed at $154,000. 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, $37,000 of which will be sold in the coming year. The remainder will be held indefinitely 3. Notes payable are all long-term. However, a $270,000 note requires an installment payment of $67,500 due in the coming year. 4. Inventories are recorded at current resale value. The original cost of the inventories is $177,000. Requlrec: Prepare a corrected classified balance sheet for the Hubbard Corporation at December 31, 2018. (Amounts to be deducted should be Indlcated by a mlnus sign.)