The following balance sheet for the Hubbard Corporation was prepared by the company: 68,000 HUBBARD CORPORATION Balance Sheet At December 31, 2021 Assets Buildings $ 758,000 Land 274,000 Cash Accounts receivable (net) 136,000 Inventory 256,000 Machinery 288,000 Patent (net) 108,000 Investment in equity securities 76,000 Total assets $1,964,000 Liabilities and Shareholders' Equity Accounts payable $ 223,000 Accumulated depreciation 263,000 Notes payable 516,000 Appreciation of inventory 88,000 Common stock (authorized and issued 108,000 shares of no par stock) 432,000 Retained earnings 442,000 Total liabilities and shareholders' equity $1,964,000 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 $58,000 but, due to a significant increase in market value, is listed at $136,000. 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, $28,000 of which will be sold in the coming year. The remainder will be held indefinitely. 3. Notes payable are all long term. However, a $180,000 note requires an installment payment of $45,000 due in the coming year. 4. Inventory is recorded at current resale value. The original cost of the inventory is $168,000. 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: Total current assets coming year. 4. Inventory is recorded at current resale value. The original cost of the inventory is $168,000. 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: ol Total current assets Investments: 0 Total investments Property, plant, and equipment: 0 0 Net property, plant, and equipment Intangible assets: $ 0 Total assets Liabilities and Shareholders' Equity Current liabilities: 0 Total current liabilities Long-term liabilities: 0 Total liabilities Shareholders' equity: Total shareholders' equity Total liabilities and shareholders' equity