Exercise 3-5 (Algo) Balance sheet preparation [LO3-2, 3-3] The following are the ending balances of accounts at December 31, 2024, for the Valley Pump Corporation. Account Title Cash Accounts receivable Inventory Debits. $ 43,000 Credits 92,000 117,000. Interest payable $ 28,000 Investment in equity securities Land 80,000 156,000 Buildings 390,000 Accumulated depreciation-buildings 118,000 Equipment 111,000 Accumulated depreciation-equipment 43,000 Copyright (net) 30,000 Prepaid expenses (next 12 months) 50,000 Accounts payable 83,000 Deferred revenue (next 12 months) 38,000 Notes payable Allowance for uncollectible accounts Common stock Retained earnings 340,000 5,000 Totals 380,000 34,000 $ $ 1,069,000 1,069,000 Additional Information: 1. The $156,000 balance in the land account consists of $118,000 for the cost of land where the plant and office buildings are located. The remaining $38,000 represents the cost of land being held for speculation. 2. The $80,000 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 $136,000 note due in six months and a $204,000 note due in three annual installments of $68,000 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. VALLEY PUMP CORPORATION Balance Sheet At December 31, 2024 Current assets Assets Total investments Property, plant, and equipment: Net property, plant, and equipment Intangible assets: Total assets $ 0 Liabilities and Shareholders' Equity Current liabilities: Total current liabilities Long-term liabilities: Total liabilities Shareholders' equity: Total shareholders' equity 0 0 0 Total liabilities and shareholders' equity $ 0 0