The following balance sheet for the Hubbard Corporation was prepared by the company: The Role of Accounting as an Information System 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 $50,000 but, due to a significant increase in market value, is listed at $120,000. The increase in the land account was credited to retained earnings. 2. Marketable cquity securities consist of stocks of other corporations and are recorded at cost, $20,000 of which will be sold in the coming year. The remainder will be held indefinitely. 3. Notes payable are all long-term. However. a $100.000 note requires an installment payment of $25,000 due in the coming year. 4. Inventories are recorded at current resale value. The original cost of the imventories is $160,000. Requlred: Prepare a corrected classified balance sheet for the Hubbard Corporation at December 31,2018 . The following balance sheet for the Hubbard Corporation was prepared by the company: The Role of Accounting as an Information System 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 $50,000 but, due to a significant increase in market value, is listed at $120,000. The increase in the land account was credited to retained earnings. 2. Marketable cquity securities consist of stocks of other corporations and are recorded at cost, $20,000 of which will be sold in the coming year. The remainder will be held indefinitely. 3. Notes payable are all long-term. However. a $100.000 note requires an installment payment of $25,000 due in the coming year. 4. Inventories are recorded at current resale value. The original cost of the imventories is $160,000. Requlred: Prepare a corrected classified balance sheet for the Hubbard Corporation at December 31,2018