The following balance sheet for the Hubbard Corporation was prepared by the company: HUBBARD CORPORATION Balance Sheet Buildings Land Cash At December 31, 2021 Assets $ 756,000 268,000 66,000 132,000 252,000 286,000 Accounts receivable (net) Inventory Machinery Patent (net) Investment in equity securities 106,000 72,000 Total assets $1,938,000 Liabilities and Shareholders' Equity Accounts payable $ 221,000 Accumulated depreciation Notes payable 261,000 512,000 Appreciation of inventory Common stock (authorized and issued 106,000 shares of no par stock) 86,000 424,000 Retained earnings Total liabilities and shareholders' equity 434,000 $1,938,000 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 $56,000 but, due to a significant increase in market value, is listed at $132,000. 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, $26,000 of which will be sold in the coming year. The remainder will be held indefinitely. 3. Notes payable are all long term. However, a $160,000 note requires an installment payment of $40,000 due in the coming year. 4. Inventory is recorded at current resale value. The original cost of the inventory is $166,000. 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.)