Extracted text: The following balance sheet for the Hubbard Corporation was prepared by the company: HUBBARD CORPORATION Balance Sheet At December 31, 2013 Assets Buildings S 750,000 Land 250,000 Cash 60,000 Accounts receivable (net) 120,000 Inventories Machinery Patent (net) Investment in marketable equity securities 240,000 280,000 100,000 60,000 $1,860,000 Total assets Liabilities and Shareholders' Equity $ 215,000 Accounts payable Accumulated depreciation 255,000 Notes payable 500,000 Appreciation of inventories 80,000 Common stock, authorized and issued 100,000 shares of no par stock 430,000 Retained earnings 380,000 Total liabilities and shareholders' equity $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 holding for future sale. The land originally cost $50,000 but, duc to a significant increase in market value, is listed at $120,000. The increase in the land account was credited to retained camings. 2. Marketable equity 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 inventories is $160,000. Required: Prepare a corrected classified balance sheet for the Hubbard Corporation at December 31, 2013.