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

HUBBARD CORPORATION

Balance Sheet At December 31, 2021

Assets

Buildings$759,000

Land277,000

Cash69,000

Accounts receivable (net)138,000

Inventory258,000

Machinery289,000

Patent (net)109,000

Investment in equity securities78,000

Total assets$1,977,000

Liabilities and Shareholders' Equity

Accounts payable$224,000

Accumulated depreciation264,000

Notes payable518,000

Appreciation of inventory89,000

Common stock (authorized and issued

109,000 shares of no par stock)436,000

Retained earnings446,000

Total liabilities and shareholders' equity$1,977,000

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 $59,000 but, due to a significant increase in market value, is listed at $138,000. 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, $29,000 of which will be sold in the coming year. The remainder will be held indefinitely.
3. Notes payable are all long term. However, a $190,000 note requires an installment payment of $47,500 due in the coming year.
4. Inventory is recorded at current resale value. The original cost of the inventory is $169,000.

Required:

https://ezto.mheducation.com/ext/map/index.html?_con=con&external_browser=0&launchUrl=http Apply: Homework [due day 7] i Saved The following balance sheet for the Hubbard Corporation was prepared by the company: HUBBARD CORPORATION Balance Sheet At December 31, 2021 Buildings Assets Land $ 759,000 Cash 277,000 Accounts receivable (net) 69, 000 138, 000 Inventory 258,900 ok Machinery 289,000 Patent (net) 109,000 nt Investment in equity securities 78,000 $1, 977,000 nces Total assets Liabilities and Shareholders' Equity Accounts payable $ 224,000 Accumulated depreciation 264,900 Notes payable 518, 000 Appreciation of inventory 89,000 Common stock (authorized and issued 109,000 shares of no par stock) 436,000 Retained earnings 446,000 Total liabilities and shareholders' equity $1, 977,600 Additional information:s & Tools X Connect X Ask a Question X * Premier Memb X *Homework He X * Verify Passwor X f (1) Facebook x ps://ezto.mheducation.com/ext/map/index.html?_con=con&external_browser=0&launchUrl=https%253A%252F%252Fvle.phoeni... > omework [due day 7] Saved Help Save & Exit 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 $59,000 but, due to a significant increase in market value, is listed at $138,000. 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, $29,000 of which will be sold in the coming year. The remainder will be held indefinitely. 3. Notes payable are all long term. However, a $190,000 note requires an installment payment of $47,500 due in the coming year. 4. Inventory is recorded at current resale value. The original cost of the inventory is $169,000. 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.) HUBBARD CORPORATION Balance Sheet At December 31, 2021 Assets Current assets: