The following balance sheet for the Hubbard Corporation was prepared by the company. Additionol informotion:...
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The following balance sheet for the Hubbard Corporation was prepared by the company. Additionol informotion: 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 orignally cost 561,000 but, due to a significant increase in market value, is listed at $142,000. The increase in the lond account was credited to retained earnings. 2 The investment in equity securities account consists of stocks of other corporations and are recorded at cost, $31,000 of which will be sold in the coming yeat. The remainder will be held indefinitely 3. Notes payable are all long term. However, a \$210,000 note requires an installment payment or \$52,500 due in the coming year. 4. Inventory is recorded at curtent resale value The original cost of the inventory is $171,000. Required: Prepare a corrected classfied balance sheet for the Hubbard Corporation at December 31, 2024. Note: Amounts to be deducted should be indicoted by a minus sign
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