Based on the additional questions, what is note payable?

Credits Debits 31,000 68,000 93,000 16,000 56,000 132,000 330,000 106,000 87,000 Account Title Cash Accounts receivable Inventories Interest payable Marketable securities Land Buildings Accumulated depreciation-buildings Equipment Accumulated depreciation equipment Copyright (net of amortization) Prepaid expenses (next 12 months) Accounts payable Deferred revenues (next 12 months) Notes payable Allowance for uncollectible accounts Common stock Retained earnings Totals 31,000 18,000 38,000 71,000 26,000 280,000 6,000 260,000 57,000 853,000 853,000 Additional information: 1. The $132,000 balance in the land account consists of $106,000 for the cost of land where the plant and office buildings are located. The remaining $26,000 represents the cost of land being held for speculation. 2. The $56,000 in the marketable 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 $112,000 note due in six months and a $168,000 note due 3. The notes payable account consists of a $112,000 note due in six months and a $168,000 note due in three annual installments of $56,000 each, with the first payment due in August of 2019. Required: Prepare a classified balance sheet for the Valley Pump Corporation at December 31, 2018. (Amounts to be deducted should be indicated by a minus sign.) Answer is complete but not entirely correct. 2018 VALLEY PUMP CORPORATION Balance Sheet At December 31, 2018 Assets Current assests Cash Marketable securities Accounts receivable (net) Inventories Prepaid expenses $ 31,000 28,000 62,000 93,000 38,000 252,000 Total current assets Investments Marketable securities Land $ 28,000 26,000 54,000 Total investments Property, plant, and equipment Property, plant, and equipment Land Buildings Equipment 106,000 330,000 87,000 523,000 106,000 31,000 Less: Accumulated depreciation-buildings Less: Accumulated depreciation-equipment Net property, plant, and equipment Intangible assets Copyright 660,000 18,000 $ 984,000 Total assets Liabilities and Shareholders' Equity Current liabilities Accounts payable Interest payable Note payable Allowance for uncollectible accounts Deferred revenues 71,000 16,000 112,000 6,000 X 26,000 231,000 Total current liabilities Long-term liabilities Note payable 168,000 Total liabilities 399,000