The following balance sheet for the Hubbard Corporation was prepared by the company:

HUBBARD CORPORATION
Balance Sheet
At December 31, 2018
Assets
Buildings	$	760,000
Land		280,000
Cash		70,000
Accounts receivable (net)		140,000
Inventories		260,000
Machinery		290,000
Patent (net)		110,000
Investment in marketable equity securities		80,000
Total assets	$	1,990,000
Liabilities and Shareholders' Equity
Accounts payable	$	225,000
Accumulated depreciation		265,000
Notes payable		520,000
Appreciation of inventories		90,000
Common stock, authorized and issued 110,000 shares of no par stock		440,000
Retained earnings		450,000
Total liabilities and shareholders' equity	$	1,990,000

Additional information:

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 $60,000 but, due to a significant increase in market value, is listed at $140,000. The increase in the land account was credited to retained earnings.

Marketable equity securities consist of stocks of other corporations and are recorded at cost, $30,000 of which will be sold in the coming year. The remainder will be held indefinitely.

Notes payable are all long-term. However, a $200,000 note requires an installment payment of $50,000 due in the coming year.

Inventories are recorded at current resale value. The original cost of the inventories is $170,000.