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

HUBBARD CORPORATION

Balance Sheet

At December $31,2024$

Assets

Buildings $ $752,000$

Land $256,000$

Cash $62,000$

Accounts receivable $($net$)124,000$

Inventory $244,000$

Machinery $282,000$

Patent $($net$)102,000$

Investment in equity securities $64,000$

Total assets $ $1,886,000$

Liabilities and Shareholders' Equity

Accounts payable $ $217,000$

Accumulated depreciation $257,000$

Notes payable $504,000$

Appreciation of inventory $82,000$

Common stock $($authorized and issued

$102,000$ shares of no par stock$)408,000$

Retained earnings $418,000$

Total liabilities and shareholders' equity $ $1,886,000$

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 and is not being used in the operations of the business. The land originally cost $$52,000$ but, due to a significant increase in market value, is listed at $$124,000.$ The increase in the land account was credited to retained earnings.

The investment in equity securities account consists of stocks of other corporations and are recorded at cost$,$ $$22,000$ of which will be sold in the coming year. The remainder will be held indefinitely.

Notes payable are all long term. However, a $$120,000$ note requires an installment payment of $$30,000$ due in the coming year.

Inventory is recorded at current resale value. The original cost of the inventory is $$162,000.$

Required:

Prepare a corrected classified balance sheet for the Hubbard Corporation at December $31,2024.$

Note: Amounts to be deducted should be indicated by a minus sign.