can someone please help. what is missing in my answer?
The following are the ending balances of accounts at December 31, 2021, for the Valley Pump Corporation. Account Title Credits Cash Debits $ 34,000 74,000 99,000 $ 19,000 62,000 138,000 345,000 109,000 93,000 34,000 Accounts receivable Inventory Interest payable Investment in equity securities Land Buildings Accumulated depreciation-buildings Equipment Accumulated depreciation equipment Copyright (net) Prepaid expenses (next 12 months) Accounts payable Deferred revenue (next 12 months) Notes payable Allowance for uncollectible accounts Common stock Retained earnings Totals 21,000 41,000 74,000 29,000 295,000 9,000 290,000 48,000 $907,000 $907,000 Additional Information: 1. The $138,000 balance in the land account consists of $109,000 for the cost of land where the plant and office buildings are located. The remaining $29,000 represents the cost of land being he 2. The $62,000 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 $118,000 note due in six months and a $177,000 note due in three annual installments of $59,000 each, with the first payment due in August of 2022 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.) Answer is not complete. VALLEY PUMP CORPORATION & Answer is not complete. / VALLEY PUMP CORPORATION Balance Sheet Balance Sheet At December 31, 2021 Assets Current assets: Cash Accounts receivable Inventory Prepaid expenses Allowance for uncollectible accounts Investment in equity securities $ / / / / / 34,000 74,000 99,000 41,000 (9,000) 31,000 / 0000 / / / / / / / 09 / / / / / / / / / / 270,000 / / / / / Total current assets Investments: Land Investment in equity securities / / $ 29,000 31,000 60,000 Total investments Property, plant, and equipment: Land Buildings Equipment 109,000 345,000 93,000 (109,000) (34,000) Less: Accumulated depreciation - buildings Less: Accumulated depreciation - equipment Net property, plant, and equipment Intangible assets: Copyright (net) 404,000 21,000 Total assets $ 755,000 Liabilities and Shareholders' Equity / > / Current liabilities: Accounts payable Notes payable Deferred revenue Interest payable > 74,000 118,000 29,000 19,000 / > / > . 240,000 Total current liabilities Long-term liabilities: Notes payable > 118,000 Total liabilities 358,000 Shareholders' equity: Common stock Retained earnings $ 290,000 48,000 Total shareholders' equity Total liabilities and shareholders' equity 338,000 696,000 $
