The following balance sheet for the Hubbard Corporation was prepared by the company: HUBBARD CORPORATION Balance Sheet At December 31, 2021 Assets Buildings $ 767, 000 Land 301, 000 77, 000 154, 000 274, 000 297, 000 117, 000 94, 000 Cash Accounts receivable (net) Inventory Machinery Patent net) Investment in equity securities $2, 081, 000 Total assets Liabilities and Shareholders' Equity Accounts payable Accumulated depreciation Notes payable Appreciation of inventory Common stock (authorized and issued 117, 000 shares of no par stock) Retained eamings $ 232, 000 272, 000 534, 000 97, 000 468, 000 478, 000 Total liabilities and shareholders' equity $2, 081, 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 $67,000 but, due to a significant increase in market value, is listed at $154,000. 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, $37,000 of which will be sold in the coming year. The remainder will be held indefinitely. 3. Notes payable are all long term. However, a $270,000 note requires an installment payment of $67,500 due in the coming year. 4. Inventory is recorded at current resale value. The original cost of the inventory is $177,000. 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.) HUBBARD CORPORATION Balance Sheet At December 31, 2021 Assets Current assets: Total current assets Investments Total investments Property, plant, and equipment: 0 Net property, plant, and equipment Intangible assets Total assets Liabilities and Shareholders' Equity Current liabilities: Total current liabilities 0 Long-term liabilities: lotal investments Property, plant, and equipment: 0 Net property, plant, and equipment 0 Intangible assets: Total assets 0 $ Liabilities and Shareholders' Equity Current liabilities: Total current liabilities 0 Long-term liabilities Total liabilities 0 Shareholders' equity: Total shareholders' equity Total liabilities and shareholders' equity $ 0 The following balance sheet for the Hubbard Corporation was prepared by the company: HUBBARD CORPORATION Balance Sheet At December 31, 2021 Assets Buildings $ 767, 000 Land 301, 000 77, 000 154, 000 274, 000 297, 000 117, 000 94, 000 Cash Accounts receivable (net) Inventory Machinery Patent net) Investment in equity securities $2, 081, 000 Total assets Liabilities and Shareholders' Equity Accounts payable Accumulated depreciation Notes payable Appreciation of inventory Common stock (authorized and issued 117, 000 shares of no par stock) Retained eamings $ 232, 000 272, 000 534, 000 97, 000 468, 000 478, 000 Total liabilities and shareholders' equity $2, 081, 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 $67,000 but, due to a significant increase in market value, is listed at $154,000. 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, $37,000 of which will be sold in the coming year. The remainder will be held indefinitely. 3. Notes payable are all long term. However, a $270,000 note requires an installment payment of $67,500 due in the coming year. 4. Inventory is recorded at current resale value. The original cost of the inventory is $177,000. 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.) HUBBARD CORPORATION Balance Sheet At December 31, 2021 Assets Current assets: Total current assets Investments Total investments Property, plant, and equipment: 0 Net property, plant, and equipment Intangible assets Total assets Liabilities and Shareholders' Equity Current liabilities: Total current liabilities 0 Long-term liabilities: lotal investments Property, plant, and equipment: 0 Net property, plant, and equipment 0 Intangible assets: Total assets 0 $ Liabilities and Shareholders' Equity Current liabilities: Total current liabilities 0 Long-term liabilities Total liabilities 0 Shareholders' equity: Total shareholders' equity Total liabilities and shareholders' equity $ 0