HUBBARD CORPORATION
Balance Sheet
At December 31, 2021
Assets
Buildings	$	759,000
Land		277,000
Cash		69,000
Accounts receivable (net)		138,000
Inventory		258,000
Machinery		289,000
Patent (net)		109,000
Investment in equity securities		78,000
Total assets	$	1,977,000
Liabilities and Shareholders' Equity
Accounts payable	$	224,000
Accumulated depreciation		264,000
Notes payable		518,000
Appreciation of inventory		89,000
Common stock (authorized and issued 109,000 shares of no par stock)		436,000
Retained earnings		446,000
Total liabilities and shareholders' equity	$	1,977,000

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 $59,000 but, due to a significant increase in market value, is listed at $138,000. 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, $29,000 of which will be sold in the coming year. The remainder will be held indefinitely.
3. Notes payable are all long term. However, a $190,000 note requires an installment payment of $47,500 due in the coming year.
4. Inventory is recorded at current resale value. The original cost of the inventory is $169,000.

HUBBARD CORPORATION Balance Sheet At December 31, 2021 Assets Current assets: 0 Talal current assets Investments: Tatal investments Property, plant, and equipment: 0 Net property, plant, and equipment Intangible assets: Total assets S Llabilities and Shareholders' Equity Current liabilities: 0 Total current liabilities Long term liabilities 0 Total abilities Shareholders' equity Total shareholders' equity Total liabilities and shareholders' equity S 0