The following balance sheet for the Hubbard Corporation was prepared by the company: HUBBARD CORPORATION Balance Sheet At December 31, 2018 Assets Buildings Land Cash Accounts receivable (net) Inventories Machinery Patent (net) Investment in marketable equity securities Total assets Liabilities and Shareholders' Equity Accounts payable Accumulated depreciation Notes payable Appreciation of inventories Common stock, authorized and issued 118,000 shares of no par stock Retained earnings Total liabilities and shareholders' equity $ 768,000 304,000 78,000 156,000 276,000 298,000 118,000 96,000 $2,094,000 $ 233,000 273,000 536,000 98,000 472,000 482,000 $2,094,000 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 $68,000 but, due to a significant increase in market value, is listed at $156,000. The increase in the land account was credited to retained earnings. 2. Marketable equity securities consist of stocks of other corporations and are recorded at cost, $38,000 of which will be sold in the coming year. The remainder will be held indefinitely. 3. Notes payable are all long-term. However, a $280,000 note requires an installment payment of $70,000 due in the coming year. 4. Inventories are recorded at current resale value. The original cost of the inventories is $178,000 Required: Prepare a corrected classified balance sheet for the Hubbard Corporation at December 31, 2018. (Amounts to be deducted should be indicated by a minus sign.)