Question: can i get some help with this please Additional information: 1. The bulldings, land, and machinery are all stated at cost except for a parcel



Additional information: 1. The bulldings, 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 $63,000 but, due to a significant increase in market value, is listed at $146,000. The increase in the land account was credited to retained earnings. 2. The investment in equity securities account consists of stocks of other corporations and are recorded at cost, $33,000 of which will be sold in the coming year. The remainder will be held indefinitely. 3. Notes payable are all long term. However, a $230,000 note requires an installment payment of $57,500 due in the coming year. 4. Inventory is recorded at current resaie value. The original cost of the inventory is $173.000. Required: Prepare a corrected classified balance sheet for the Hubbard Corporation at December 31,2024. Note: Amounts to be deducted should be indicated by a minus sign. Additional information: 1. The bulldings, 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 $63,000 but, due to a significant increase in market value, is listed at $146,000. The increase in the land account was credited to retained earnings. 2. The investment in equity securities account consists of stocks of other corporations and are recorded at cost, $33,000 of which will be sold in the coming year. The remainder will be held indefinitely. 3. Notes payable are all long term. However, a $230,000 note requires an installment payment of $57,500 due in the coming year. 4. Inventory is recorded at current resaie value. The original cost of the inventory is $173.000. Required: Prepare a corrected classified balance sheet for the Hubbard Corporation at December 31,2024. Note: Amounts to be deducted should be indicated by a minus sign
Step by Step Solution
There are 3 Steps involved in it
Get step-by-step solutions from verified subject matter experts
