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Credits Debits 37.000 80,000 105,000 22,000 68,000 144,000 360,000 112,000 99,000 Account Title Cash Accounts receivable Inventories Interest payable Marketable securities Land Buildings Accumulated depreciation-buildings

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Credits Debits 37.000 80,000 105,000 22,000 68,000 144,000 360,000 112,000 99,000 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 37,000 24,000 44,000 77,000 32,000 310,000 7.000 320,000 44,000 961,000 961, 000 Additional information: 1. The $144,000 balance in the land account consists of $112,000 for the cost of land where the plant and office buildings are located. The remaining $32,000 represents the cost of land being held for speculation 2. The $68,000 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 $124,000 note due in six months and a $186,000 note due in three annual installments of $62,000 each, with the first payment due in August of 2019. At December 31, 2018 Assets Current assets Cash Accounts receivable (net) Inventories Prepaid expenses Marketable securities Total current assets Investments Marketable securities Land Total investments Property, plant, and equipment Land Buildings Equipment Less: Accumulated depreciation buildings Less: Accumulated depreciation equipment Net property, plant, and equipment Intangible assets Copyright Total assets Liabilities and Shareholders' Equity Current ablities Current maturities of long-term debt Interest payable Accounts payable Deferred revenues Note payable Total current liabilities Shareholders' equity Common stock Retained earnings Total liabilities Non-current liabities Note payable Total shareholders' equity Totallables and shareholders' equity Credits Debits 37.000 80,000 105,000 22,000 68,000 144,000 360,000 112,000 99,000 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 37,000 24,000 44,000 77,000 32,000 310,000 7.000 320,000 44,000 961,000 961, 000 Additional information: 1. The $144,000 balance in the land account consists of $112,000 for the cost of land where the plant and office buildings are located. The remaining $32,000 represents the cost of land being held for speculation 2. The $68,000 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 $124,000 note due in six months and a $186,000 note due in three annual installments of $62,000 each, with the first payment due in August of 2019. At December 31, 2018 Assets Current assets Cash Accounts receivable (net) Inventories Prepaid expenses Marketable securities Total current assets Investments Marketable securities Land Total investments Property, plant, and equipment Land Buildings Equipment Less: Accumulated depreciation buildings Less: Accumulated depreciation equipment Net property, plant, and equipment Intangible assets Copyright Total assets Liabilities and Shareholders' Equity Current ablities Current maturities of long-term debt Interest payable Accounts payable Deferred revenues Note payable Total current liabilities Shareholders' equity Common stock Retained earnings Total liabilities Non-current liabities Note payable Total shareholders' equity Totallables and shareholders' equity

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