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 Liabilities and Shareholders' Equity Accumulated depreciation Notes payable Appreciation of inventory $ 763,000 289,000 73,000 146,000 266,000 293,000 113,000 86,000 $2,029,000 $ 228,000 268,000 526,000 93,000 Common stock (authorized and issued 113,000 shares of no par stock) Retained earnings 452,000 Total liabilities and shareholders' equity 462,000 $2,029,000 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 $63,000 but, due to a significant increase in market value, is listed at $146,000. 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, $33,000 of which will be sold in the coming year. The remainder will be held indefinitely. 3. Notes payable are all long term. However, a $230,000 note requires an installment payment of $57,500 due in the coming year. 4. Inventory is recorded at current resale value. The original cost of the inventory is $173,000. 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.)