2 Exercise 3-5 (Algo) Balance sheet preparation [LO3-2, 3-3] The following are the ending balances of accounts at December 31, 2024, for the Valley Pump Corporation. Account Title Debits Inventory Cash Accounts receivable. Interest payable Investment in equity securities Land Buildings Credits $ 30,000 66,000 91,000 $ 15,000 54,000 130,000 325,000 Accumulated depreciation-buildings 105,000 Equipment 85,000 Accumulated depreciation-equipment 30,000 Copyright (net) 17,000 Prepaid expenses (next 12 months) 37,000 Accounts payable 70,000 Deferred revenue (next 12 months)) 25,000 Notes payable 275,000 Allowance for uncollectible accounts 5,000 Common stock 250,000 60,000 Retained earnings $ 835,000 $ 835,000 Totals Additional Information: 1. The $130,000 balance in the land account consists of $105,000 for the cost of land where the plant and office buildings are Droy 2 of 6 Next >