The following balance sheet for the Hubbard Corporation was prepared by the company: HUBBARD CORPORATION Balance Sheet At December 31, 2018 Assets Buildings 765,000 Land 295,000 Cash 75,000 Accounts receivable (net) 150,000 Inventories 270,000 Machinery Patent (net) Investment in marketable equity securities 295,000 115,000 90,000 $2,055,000 Total assets Liabilities and Shareholders Equity Accounts payable Accumulated depreciation Notes payable Appreciation of inventories Common stock, authorized and issued 115,000 shares of no par stock Retained earnings 230,000 270,000 530,000 95,000 460,000 470,000 $2,055,000 Total liabilities and shareholders equity Additional information: 1. The buildings, land, and machinery are all stated at cost except for a parcel of land that the company land originally cost $65,000 but, due to a significant increase in market value, is listed at $150,000. 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, $35,000 of which will be sold in the coming year. The remainder will be held indefinitely. 3. Notes payable are all long-term. However, a $250,000 note requires an installment payment of $62,500 due in the coming year. 4. Inventories are recorded at current resale value. The original cost of the inventories is $175,000. holding for future sale. The 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.) HUBBARD CORPORATION Balance Sheet At December 31, 2018