The following balance sheet for the Hubbard Corporation was prepared by the company: HUBBARD CORPORATION Balance Sheet At December 31, 2021 Assets Buildings Land Cash Accounts receivable (net) Inventory Machinery Patent (net) Investment in equity securities Total assets $ 750,000 250,000 60,000 120,000 240,000 280,000 100,000 60,000 $1,860,000 Liabilities and Shareholders' Equity Accounts payable $ 215,000 Accumulated depreciation 255,000 Notes payable 500,000 Appreciation of inventory 80,000 Common stock (authorized and issued 100,000 shares of no par stock) 430,000 Retained earnings 380,000 Total liabilities and shareholders' equity $1,860,000 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 $50,000 but, due to a significant increase in market value, is listed at $120,000. 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, $20,000 of which will be sold in the coming year. The remainder will be held indefinitely. 3. Notes payable are all long term. However, a $100,000 note requires an installment payment of $25,000 due in the coming year. 4. Inventory is recorded at current resale value. The original cost of the inventory is $160,000. Required: Prepare a corrected classified balance sheet for the Hubbard Corporation at December 31, 2021. (Amounts to be deducted should be indiested bus minne einni