The following balance sheet for the Hubbard Corporation was prepared by the company: P 3-7 Balance sheet preparation: errors LO3-2, LO3-3 HUBBARD CORPORATION Balance Sheet At December 31, 2021 Assets Buildings Land Cash Accounts receivable (net) Inventory Machinery Patent (net) Investment in equity securities Total assets Liabilities and Shareholders' Equity $ 750.000 250,000 60,000 120,000 240,000 280,000 100,000 60.000 $1,860,000 Accounts payable Accumulated depreciation Notes payable Appreciation of inventory Common stock (authorized and issued 100,000 shares of no par stock) Retained earnings Total liabilities and shareholders' equity $ 215,000 255,000 500,000 80,000 430,000 380,000 $1,860,000 Additional Information: 1. The buildings, land, and machinery are all stated at cost except for a parcel of land that the company is hold- ing 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. The investment in equity securities account consists 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. Inventory is recorded at current resale value. The original cost of the inventory is $160,000 Required: Prepare a corrected classified balance sheet for the Hubbard Corporation at December 31, 2021. Include head- ings for each classification, as well as titles for each classification's subtotal. An example of a classified balance sheet can be found in the Concept Review Exercise at the end of Part A of this chapter