• Accounts payable
• Accounts receivable
• Accrued liabilities
• Additional paid-in capital
• Allowance for uncollectible accounts
• Bonds payable
• Buildings
• Cash
• Common stock
• Copyright (net)
• Deferred revenue
• Depreciation expense
• Equipment
• Finished goods
• Furniture and fixtures
• Income taxes payable
• Interest expense
• Interest payable
• Interest receivable
• Inventory
• Investment in equity securities
• Land
• Mortgage payable
• Notes payable (current maturities of long-term debt)
• Notes payable (current)
• Notes payable (long-term)
• Notes receivable
• Operating expenses
• Patent
• Prepaid expenses
• Prepaid insurance
• Prepaid rent
• Restricted cash
• Retained earnings
• Salaries payable
• Work in process

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. Additional formation: 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