The adhering to balance sheet because that the ha Corporation was ready by the company:

ha CORPORATION

Balance Sheet

in ~ December 31, 2018

Assets

Buildings ............................................................................... $ 750,000

Land .................................................................................... 250,000

Cash ...................................................................................... 60,000

Accounts union (net) ............................................................. 120,000

Inventories ............................................................................... 240,000

Machinery ................................................................................. 280,000

Patent (net) ............................................................................... 100,000

Investment in marketable equity securities ........................................... 60,000

Total assets ................................................................................ $1,860,000

Liabilities and also Shareholders" Equity

Accounts payable ........................................................................ $ 215,000

Accumulated depreciation ..............................................................255,000

Notes payable .............................................................................500,000

Appreciation that inventories ............................................................. 80,000

Common stock, authorized and issued 100,000 shares of no par stock ..........430,000

Retained revenue ........................................................................380,000

Total liabilities and also shareholders" equity.............................................. $1,860,000

Additional Information:

1. The buildings, land, and machinery room all proclaimed at expense except for a thoreau of land that the agency is holding for future sale. The floor originally expense $50,000 but, as result of a significant increase in market value, is provided at $120,000. The rise in the soil account was credited to preserved earnings.

You are watching: The following balance sheet for the hubbard corporation was prepared by the company:

2. Marketable equity securities consists of stocks of other corporations and are tape-recorded at cost, $20,000 that which will certainly be marketed in the comes year. The remainder will be organized indefinitely.

3. Notes payable are all long-term. However, a $100,000 keep in mind requires an installment payment that $25,000 due in the coming year.

4. Inventories are videotaped at existing resale value. The original price of the inventories is $160,000.

Required:

Prepare a corrected classified balance sheet for the ha Corporation in ~ December 31, 2018.

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