P 3-7 Statement of financial position preparation; errors The following statement of financial position for the Hubbard Corporation was prepared by the company: LO2 through LO4 Buildings Land HUBBARD CORPORATION Statement of Financial Position Cash Accounts receivable (net) Inventories Machinery Patent (net) At December 31, 2013 Assets Investment in marketable equity securities Total assets $ 750,000 250,000 60,000 120,000 240,000 280,000 100,000 60,000 $1,860,000 (continued)