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

HUBBARD CORPORATION

Balance Sheet

At December $31,2024$

Assets

Buildings $ $751,000$

Land $253,000$

Cash $61,000$

Accounts receivable $($net$)122,000$

Inventory $242,000$

Machinery $281,000$

Patent $($net$)101,000$

Investment in equity securities $62,000$

Total assets $ $1,873,000$

Liabilities and Shareholders' Equity

Accounts payable $ $216,000$

Accumulated depreciation $256,000$

Notes payable $502,000$

Appreciation of inventory $81,000$

Common stock $($authorized and issued

$101,000$ shares of no par stock$)404,000$

Retained earnings $414,000$

Total liabilities and shareholders' equity $ $1,873,000$

Additional information:

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 $$51,000$ but, due to a significant increase in market value, is listed at $$122,000.$ The increase in the land account was credited to retained earnings.

The investment in equity securities account consists of stocks of other corporations and are recorded at cost$,$ $$21,000$ of which will be sold in the coming year. The remainder will be held indefinitely.

Notes payable are all long term. However, a $$110,000$ note requires an installment payment of $$27,500$ due in the coming year.

Inventory is recorded at current resale value. The original cost of the inventory is $$161,000.$

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.