HUBBARD CORPORATION Balance Sheet At December 31, 2021 Assets Buildings Land Cash Accounts receivable (net) Inventory Machinery Patent (net) Investment in equity securities Total assets Liabilities and Shareholders' Equity Accounts payable Accumulated depreciation Notes payable Appreciation of inventory Common stock (authorized and issued 111,000 shares of no par stock) Retained earnings Total liabilities and shareholders' equity $ 761,000 283,000 71,000 142,000 262,000 291,000 111,000 82, $2,003,000 ces $ 226,000 266 , 522,000 91,000 444,000 454,000 $2,003,000 Additional information. 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 $61,000 but, due to a significant increase in market value, is listed at $142,000. 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 $31,000 of which will be sold in the coming year. The remainder will be held indefinitely 3 Notes payable are all long term. However, a $210,000 note requires an installment payment of $52,500 due in the coming year, 4. Inventory is recorded at current resale value. The original cost of the inventory is $171,000. HUBBARD CORPORATION Balance Sheet At December 31, 2021 Assets $ Current assets: Cash Investment in equity securities Accounts receivable (net) Inventory 71,000 82,000 142,000 262,000 DS 557,000 Total current assets Investments: Investment in equity securities Land held for sale 51,000 61,000 112,000 Total investments Property, plant, and equipment: Property, plant, and equipment: Land Buildings Machinery 142,000 761,000 291,000 1,194,000 266,000 1,460,000 Accumulated depreciation Net property, plant, and equipment Intangible assets: Patent (net) 111,000 $ 2,240,000 Total assets Liabilities and Shareholders' Equity Current liabilities: Accounts payable Notes payable (current maturities of long-term debt) $ 226,000 Total current liabilities Long-term liabilities: 226,000 226,000 Total current liabilities Long-term liabilities: Notes payable (long-term) 226,000 ok Total liabilities Shareholders' equity: Common stock Retained earnings nt ances 0 Total shareholders' equity Total liabilities and shareholders' equity $ 226,000