10 Exercise 3-5 (Static) Balance sheet preparation [LO3-2, 3-3] The following are the ending balances of accounts at December 31, 2024, for the Valley Pump Corporation. 10 points Account Title Cash 04:06:39 Accounts receivable Inventory Debits $ 25,000 56,000 Credits 81,000 Interest payable $ 10,000 Skipped Investment in equity securities 44,000 Land 120,000 Buildings 300,000 Accumulated depreciation-buildings 100,000 Equipment 75,000 Accumulated depreciation-equipment 25,000 Print Copyright (net) 12,000 Prepaid expenses (next 12 months) 32,000 Accounts payable 65,000 C Deferred revenue (next 12 months). 20,000 References Notes payable Allowance for uncollectible accounts Common stock Retained earnings Totals 200,000 70,000 $ 745,000 $ 745,000 250,000 5,000 Additional Information: 1. The $120,000 balance in the land account consists of $100,000 for the cost of land where the plant and office buildings are located. The remaining $20,000 represents the cost of land being held for speculation. 2. The $44,000 balance in the investment in equity securities account represents an investment in the common stock of another corporation. Valley intends to sell one-half of the stock within the next year. 3. The notes payable account consists of a $100,000 note due in six months and a $150,000 note due in three annual installments of $50,000 each, with the first payment due in August of 2025. Required: Prepare a classified balance sheet for the Valley Pump Corporation at December 31, 2024. Use the additional information to help determine appropriate classifications and account balances. Note: Amounts to be deducted should be indicated by a minus sign.