The following balance sheet for the Hubbard Corporation was prepared by the company: 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 and is not being used in the operations of the business. 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. Required: Prepare a corrected classified balance sheet for the Hubbard Corporation at December 31, 2024. Note: Amounts to be deducted should be indicated by a minus sign. HUBBARD CORPORATION Balance Sheet At December 31, 2024 Assets Current assets: Total current assets Investments: Total investments Property, plant, and equipment: Net property, plant, and equipment Intangible assets: \begin{tabular}{|c|c|} \hline & \\ \hline & \\ \hline Total assets & \\ \hline \multicolumn{2}{|c|}{ Liabilities and Shareholders' Equity } \\ \hline \end{tabular} Current liabilities: Total current liabilities Long-term liabilities: \begin{tabular}{|c|l|r|} \hline & \multicolumn{2}{|c|}{} \\ \hline & \multicolumn{2}{|l|}{} \\ \hline Total liabilities & \multicolumn{2}{|l|}{} \\ \hline Shareholders' equity: & & \\ \hline & & \\ \hline & & \\ \hline Total shareholders' equity & & $ \\ \hline Total liabilities and shareholders' equity & & $ \\ \hline \end{tabular}