| HUBBARD CORPORATION |
| Balance Sheet |
| AtDecember 31, 2018 |
| Assets |
| Buildings | $ | 756,000 | |
| Land | | 268,000 | |
| Cash | | 66,000 | |
| Accountsreceivable (net) | | 132,000 | |
| Inventories | | 252,000 | |
| Machinery | | 286,000 | |
| Patent(net) | | 106,000 | |
| Investment inmarketable equity securities | | 72,000 | |
| Totalassets | $ | 1,938,000 | |
| Liabilities and Shareholders' Equity |
| Accountspayable | $ | 221,000 | |
| Accumulateddepreciation | | 261,000 | |
| Notespayable | | 512,000 | |
| Appreciation ofinventories | | 86,000 | |
Common stock,authorized and issued
106,000 shares of no par stock | | 424,000 | |
| Retainedearnings | | 434,000 | |
| Totalliabilities and shareholders' equity | $ | 1,938,00 |
Additional information:
The buildings, land, and machinery are all stated at cost exceptfor a parcel of land that the company is holding for future sale.The land originally cost $56,000 but, due to a significant increasein market value, is listed at $132,000. The increase in the landaccount was credited to retained earnings.
Marketable equity securities consist of stocks of othercorporations and are recorded at cost, $26,000 of which will besold in the coming year. The remainder will be heldindefinitely.
Notes payable are all long-term. However, a $160,000 noterequires an installment payment of $40,000 due in the comingyear.
Inventories are recorded at current resale value. The originalcost of the inventories is $166,000.
Required:
Prepare a corrected classified balance sheet for the HubbardCorporation at December 31, 2018. (Amounts to be deductedshould be indicated by a minus sign.)
