The following balance sheet for the hubbard corporation was prepared by the company: hubbard corporationbalance sheetat december 31, 2016assets buildings $ 760,000 land 280,000 cash 70,000 accounts receivable (net) 140,000 inventories 260,000 machinery 290,000 patent (net) 110,000 investment in marketable equity securities 80,000 total assets $ 1,990,000 liabilities and shareholders' equity accounts payable $ 225,000 accumulated depreciation 265,000 notes payable 520,000 appreciation of inventories 90,000 common stock, authorized and issued 110,000 shares of no par stock 440,000 retained earnings 450,000 total liabilities and shareholders' equity $ 1,990,000 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 $60,000 but, due to a significant increase in market value, is listed at $140,000. the increase in the land account was credited to retained earnings.2. marketable equity securities consist of stocks of other corporations and are recorded at cost, $30,000 of which will be sold in the coming year. the remainder will be held indefinitely.3. notes payable are all long-term. however, a $200,000 note requires an installment payment of $50,000 due in the coming year.4. inventories are recorded at current resale value. the original cost of the inventories is $170,000.required: prepare a corrected classified balance sheet for the hubbard corporation at december 31, 2016. (amounts to be deducted should be indicated by a minus sign.