The following balance sheet for the Hubbard Corporation was prepared by the company HUBSARD CORPORATION Balance Sheet At December 31, 2021 Assets Buildings $ 755,000 Land 265,000 Cash 65,000 Accounts receivable (net) 130,000 Inventory 250,000 Machinery 285,000 Patent (net) 105,000 Investment in equity securities 70.000 Total assets $1.925,000 Liabilities and Shareholders Equity Accounts payable $ 220,000 Accumulated depreciation 260,000 Notes payable 510,000 Appreciation of Inventory 85,000 Connon stock (authorized and issued 185,000 shares of no par stock) 420,000 Retained earnings 430.000 Total liabilities and shareholders' equity $1,925.000 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 $55.000 but, due to a significant increase in market value is listed at $130,000. The increase in the land account was credited to retained earnings 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 $55,000 but, due to a significant increase in market value, is listed at $130,000. 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, $25,000 of which will be sold in the coming year. The remainder will be held indefinitely 3. Notes payable are all long term. However, a $150,000 note requires an installment payment of $37,500 due in the coming year 4. Inventory is recorded at current resale value. The original cost of the inventory is $165,000. HUBBARD CORPORATION Balance Sheet At December 31, 2021 Assets Current assets: Cash Accounts receivable (net) Inventory Investment in equity securities $ 65,000 130,000 250,000 70,000 515,000 $ $ 105,000 Total current assets Investments: Patent (net) Land held for sale Investment in equity securities Total investments Property, plant, and equipment: Land Buildings Machinery 105,000 0 Accumulated depreciation Net property, plant, and equipment 0 Intangible assets: Patent (net) Total assets $ 620,000 Liabilities and Shareholders' Equity Current liabilities: Accounts payable Long-term investments 0 Total current liabilities Long-term liabilities: Notes payable (long-term) 0 Total liabilities Shareholders' equity: Common stock Retained earnings 0 Total shareholders' equity Total liabilities and shareholders' equity $ 0