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P 3-7 Balance sheet preparation; errors LO3-2, LO3-3 The following balance sheet for the Hubbard Corporation was prepared by the company: 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 $50,000 but, due to a significant increase in market value, is listed at $120,000. 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, $20,000 of which will be sold in the coming year. The remainder will be held indefinitely. 3. Notes payable are all long term. However, a $100,000 note requires an installment payment of $25,000 due in the coming year. 4. Inventory is recorded at current resale value. The original cost of the inventory is $160,000. Required: Prepare a corrected classified balance sheet for the Hubbard Corporation at December 31 , 2024. Include headings for each classification, as well as titles for each classification's subtotal. An example of a classified balance sheet can be found in the Concept Review Exercise at the end of Part A of this chapter