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

HUBBARD CORPORATIONBalance SheetAt December 31, 2021AssetsBuildings$756,000Land268,000Cash66,000Accounts receivable (net)132,000Inventory252,000Machinery286,000Patent (net)106,000Investment in equity securities72,000Total assets$1,938,000Liabilities and Shareholders' EquityAccounts payable$221,000Accumulated depreciation261,000Notes payable512,000Appreciation of inventory86,000Common stock (authorized and issued

106,000 shares of no par stock)424,000Retained earnings434,000Total liabilities and shareholders' equity$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.)

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

HUBBARD CORPORATIONBalance SheetAt December 31, 2021AssetsBuildings$756,000Land268,000Cash66,000Accounts receivable (net)132,000Inventory252,000Machinery286,000Patent (net)106,000Investment in equity securities72,000Total assets$1,938,000Liabilities and Shareholders' EquityAccounts payable$221,000Accumulated depreciation261,000Notes payable512,000Appreciation of inventory86,000Common stock (authorized and issued

106,000 shares of no par stock)424,000Retained earnings434,000Total liabilities and shareholders' equity$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.)