The following balance sheet for the Hubbard Corporation was prepared by the company: HUBBARD CORPORATION Balance Sheet At December 31, 2024 Assets Buildings $ 763,000 Land 289,000 Cash 73,000 Accounts receivable (net) 146,000 Inventory 266,000 Machinery 293,000 Patent (net) 113,000 Investment in equity securities 86,000 Total assets $ 2,029,000 Liabilities and Shareholders' Equity Accounts payable $ 228,000 Accumulated depreciation 268,000 Notes payable 526,000 Appreciation of inventory 93,000 Common stock (authorized and issued 113,000 shares of no par stock) 452,000 Retained earnings 462,000 Total liabilities and shareholders' equity $ 2,029,000 Additional information: The buildings, land, and machinery are all stated at cost except for a parcel of land t