Problem 3-7 (Algo) Balance sheet preparation; errors [LO3-2, 3-3] The following balance sheet for the Hubbard Corporation was prepared by the company: 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 Accounts payable 753,000 259,000 63,000 126,000 246,000 283,000 103,000 66,000 $1,899,000 Liabilities and Shareholders' Equity $ 218,000 Accumulated depreciation Notes payable Appreciation of inventory Common stock (authorized and issued 103,000 shares of no par stock) Retained earnings Total liabilities and shareholders' equity 258,000 506,000 83,000 412,000 422,000 $1,099,000 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 $53,000 but, due to a significant increase in market value, is listed at $126.000. 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, $23,000 of which will be sold in the coming year. The remainder will be held indefinitely. 3. Notes payable are all long term. However, a $130,000 note requires an installment payment of $32,500 due in the coming year. 4. Inventory is recorded at current resale value. The original cost of the inventory is $163,000. Required: Prepare a corrected classified balance sheet for the Hubbard Comoration