The following balance sheet for the Hubbard Corporation was prepared by the company. HUBBARD CORPORATION Balance Sheet At December 31, 2021 Assets Buildings Land $ 760,000 280,000 Machinery Cash Accounts receivable (net) Inventory Patent (net) 70,000 140,000 260,000 290,000 110,000 Investment in equity securities 30,000 Total assets $1,990,000 Liabilities and Shareholders' Equity Accounts payable $225,000 Accumulated depreciation 265,000 Notes payable 520,000 Appreciation of inventory 90,000 Common stock (authorized and issued 110,000 shares of no par stock) Retained earnings Total liabilities and shareholders' equity 440,000 450,000 $1,990,000 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 $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 2. The investment in equity securities account consists 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. 3. Notes payable are all long term. However, a $200,000 note requires an installment payment of $50,000 due in the coming year. 4. Inventory is recorded at current resale value. The original cost of the inventory is $170,000 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.) Current assets: Cash Inventory Accounts receivable (net) Investment in equity securities Total current assets Investments: Investment in equity securities Land held for sale Total investments Property, plant, and equipment Land Buildings Equipment HUBBARD CORPORATION Balance Sheet At December 31, 2021 Assets Accumulated depreciation Net property, plant, and equipment Intangible assets Patent (net) Total assets 0 0 0 0 0 Total assets Liabilities and Shareholders' Equity Current liabilities: Accounts payable Notes payable (current) Total current liabilities Long-term liabilities: Notes payable (long-term) Total liabilities Shareholders' equity: Common stock Retained earnings S 0 0 0 0 Total shareholders' equity Total liabilities and shareholders' equity S 0