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

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 $$61,000$ but, due to a significant increase in

market value, is listed at $$142,000.$ 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$,$ $$31,000$ of which

will be sold in the coming year. The remainder will be held indefinitely.

Notes payable are all long term. However, a $$210,000$ note requires an installment payment of $$52,500$ due in the coming year.

Inventory is recorded at current resale value. The original cost of the inventory is $$171,000.$