6 hts eBook Print eferences The following are the ending balances of accounts at December 31, 2024, for the Valley Pump Corporation. Account Title Cash Accounts receivable Inventory Interest payable Investment in equity securities Land Debits Credits $ 33,000 72,000 97,000 $ 18,000 60,000 136,000 340,000 108,000 91,000 33,000 20,000 Prepaid expenses (next 12 months) 40,000 Accounts payable 73,000 28,000 Buildings Accumulated depreciation-buildings Equipment Accumulated depreciation-equipment. Copyright (net) Deferred revenue (next 12 months) Allowance for uncollectible accounts Notes payable Common stock Retained earnings Totals 290,000 8,000 280,000 51,000 $ 889,000 $ 889,000 eBook Print References Additional Information: 1. The $136,000 balance in the land account consists of $108,000 for the cost of land where the plant and office buildings are located. The remaining $28,000 represents the cost of land being held for speculation. 2. The $60,000 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 $116,000 note due in six months and a $174,000 note due in three annual installments of $58,000 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. ces Current assets: Cash VALLEY PUMP CORPORATION Balance Sheet At December 31, 2024 Investment in equity securities Accounts receivable Allowance for uncollectible accounts Inventory Prepaid expenses Total current assets Investments: Land Investment in equity securities Total investments Property, plant, and equipment: Land Assets $ 28,000 60,000 $ 33,000 60,000 72,000 (8,000) 97,000 40,000 294,000 88,000 Prov 6 of Next 6 , . Land Buildings Depreciation expense Equipment 5 points eBook Less: Accumulated depreciation - buildings Print Net property, plant, and equipment References Intangible assets: Copyright (net) Total assets Current liabilities: 0 $ 382,000 Liabilities and Shareholders' Equity Accounts payable Interest payable Deferred revenue Notes payable (current) Notes payable (current maturities of long-term debt) es $ Total assets 382,000 Liabilities and Shareholders' Equity Current liabilities: Accounts payable Interest payable Deferred revenue Notes payable (current) Notes payable (current maturities of long-term debt) Total current liabilities Long-term liabilities: Notes payable (long-term) Total liabilities Shareholders' equity: Common stock Retained earnings Total shareholders' equity 0 Total liabilities and shareholders' equity $ 0