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Additional Information: The $126.000 balance in the land account consists of $103,000 for the cost of land where the plant and office buildings are located.
Additional Information:
- The $126.000 balance in the land account consists of $103,000 for the cost of land where the plant and office buildings are located. The remaining $23,000 represents the cost of land being held for speculation.
- The $50,000 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.
- The notes payable account consists of a $106,000 note due in six months and a $159,000 note due in three annual installments of $53.000 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.
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