The following balance sheet for the Hubbard Corporation was prepared by the company:

HUBBARD CORPORATION
Balance Sheet
At December 31, 2021
Assets
Buildings	$	756,000
Land		268,000
Cash		66,000
Accounts receivable (net)		132,000
Inventory		252,000
Machinery		286,000
Patent (net)		106,000
Investment in equity securities		72,000
Total assets	$	1,938,000
Liabilities and Shareholders' Equity
Accounts payable	$	221,000
Accumulated depreciation		261,000
Notes payable		512,000
Appreciation of inventory		86,000
Common stock (authorized and issued 106,000 shares of no par stock)		424,000
Retained earnings		434,000
Total liabilities and shareholders' equity	$	1,938,000

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 $56,000 but, due to a significant increase in market value, is listed at $132,000. 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, $26,000 of which will be sold in the coming year. The remainder will be held indefinitely.
3. Notes payable are all long term. However, a $160,000 note requires an installment payment of $40,000 due in the coming year.
4. Inventory is recorded at current resale value. The original cost of the inventory is $166,000.

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.)