Additional Information:

1. 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.
2. 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.
3. 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.

The following are the ending balances of accounts at December 31, 2024, for the Valley Pump Corporation. Additional Information: 1. The $126,000 balance in the land account consists of $103,000 for the cost of land where the plant and office bulidings are: located. The remaining $23,000 represents the cost of land being held for speculation. 2. 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-haif of the stock within the next year. 3. The notes payable account consists of a $106.000 note due in six months and a $159,000 note due in three annual instaliments 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 heip determine appropnate classifications and account balances. Note: Amounts to be deducted should be indicated by a minus sign. 13