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 Liabilities and Shareholders' Equity $ 761,000 283,000 71,000 142,000 262,000 291,000 111,000 82,000 $ 2,003,000 Accounts payable Accumulated depreciation Notes payable $ 226,000 266,000 522,000 Appreciation of inventory Common stock (authorized and issued 111,000 shares of no par stock) Retained earnings Total liabilities and shareholders' equity $ 2,003,000 91,000 444,000 454,000 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 $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. 2. 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. 3. Notes payable are all long term. However, a $210,000 note requires an installment payment of $52,500 due in the coming year. 4. Inventory is recorded at current resale value. The original cost of the inventory is $171,000. 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.) Current acts Totalcument asses Investments Total investments Property, plant, and equipment Not property, plant, and equipment Intangible assets Total Assots Currant Habitas Totalcumentation Long-term abilities: HUBBARD CORPORATION Balance Sheet At December 31, 2021 Assets Total Shareholders equity. Liables and Shareholders' Equity Total shareholders equity Totals and shareholders equity