CAILIDE 3-9 Miyu Daimle be prepaiduum (LUS-2, 3-3) Hook The following are the ending balances of accounts at December 31, 2021, for the Valley Pump Corporation. Account Title Debits Credits Cash $ Accounts receivable 44,000 94,000 Inventory 119,000 Interest payable $ 29,000 Investnent in equity securities 82,000 Land 158,000 Buildings 395,000 Accumulated depreciation-buildings 119,000 Equipment 113,000 Accumulated depreciation equipment 44,000 Copyright (net) 31,600 Prepaid expenses (next 12 months) 51,600 Accounts payable 84,000 Deferred revenue (next 12 months) 39,000 Notes payable 345,000 Allowance for uncollectible accounts 6,000 Common stock 390,000 Retained earnings 31,000 Totals $1,087,000 $1,087,000 rences Additional Information: 1 The $158,000 balance in the land account consists of $119,000 for the cost of land where the plant and office buildings are located The remaining $39,000 represents the cost of land being held for speculation 2. The $82,000 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 $138,000 note due in six months and a $207,000 note due in three annual installments of $69,000 each, with the first payment due in August of 2022 Book Required: Prepare a classified balance sheet for the Valley Pump Corporation at December 31, 2021. Use the additional information to help determine appropriate classifications and account balances. (Amounts to be deducted should be indicated by a minus sign.) VALLEY PUMP CORPORATION Balance Sheet At December 31, 2021 Assets Current assets: Cash $ 44,000 Accounts receivable 94,000 Inventory 119,000 Prepaid expenses 51,000 Investment in equity securities 41,000 rences 349.000 Total current assets Investments: Investment in equity securities Land $ 41,000 39,000 80,000 Total investments Property, plant, and equipment: Land 39,000 80,000 Total investments Property, plant, and equipment: Land 1 points Buildings Equipment 119,000 395,000 113,000 eBook Print 627,000 References Less: Accumulated depreciation - buildings 627,000 Net property, plant, and equipment Intangible assets: Copyright (net) 31,000 Total assets $ 1,087,000 Liabilities and Shareholders' Equity $ Current liabilities: Accounts payable Interest payable Notes payable Deferred revenue 84,000 29,000 138,000 39,000 Total current liabilities 290,000 Liabilities and Shareholders' Equity Current liabilities: $ Accounts payable Interest payable Notes payable Deferred revenue 84,000 29,000 138,000 1 points 39,000 eBook Print 290,000 References Total current liabilities Long-term liabilities: Notes payable 138,000 428,000 Total liabilities Shareholders' equity: Common stock Retained earnings $ 390,000 31,000 Total shareholders' equity Total liabilities and shareholders' equity 421,000 849,000 $
