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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

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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 120,000 shares of no par stock) Retained earnings Total liabilities and shareholders equity $ 770,000 310,000 80,000 160,000 280,000 300,000 120,000 100,000 $2,120,000 $ 235,000 275,000 540,000 100,000 480,000 490,000 $ 2, 120,000 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 $70,000 but, due to a significant increase in market value, is listed at $160,000. 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, $40,000 of which will be sold in the coming year. The remainder will be held indefinitely 3. Notes payable are all long term. However, a $300,000 note requires an installment payment of $75,000 due in the coming year. 4. Inventory is recorded at current resale value. The original cost of the inventory is $180,000 Required: Prepare a corrected classified balance sheet for the Hubbard Corporation at December 31, 2021. (Amounts to be deducted should be indicated by a minus sign.) HUBBARD CORPORATION Balance Sheet At December 31, 2021 Assets Current assets Total current assets 0 Investments 7 0 Total Investments Property, plant, and equipment 0 Total investments Property, plant, and equipment 0 0 Net property, plant, and equipment Intangible assets: Total assets 0 Liabilities and Shareholders' Equity Current liabilities: a Total current liabilities Long-term liabilities 0 Total current liabilities Long-term liabilities: 0 Total liabilities Shareholders' equity 0 Total shareholders' equity Total liabilities and shareholders' equity $ 0

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