Exercise 3-5 Balance sheet preparation [L03-2, 3-3] The following is the ending balances of accounts at December 31. 2018 for the Valley Pump Corporation. Credits Cash Accounts receivable Inventories Interest payable Marketable securities Land Building:s Accumulated depreciation-buildings Equipment Accumulated depreciation-equipment Copyright (net of amortization) 18,000 Prepaid expenses (next 12 months) 38,000 Accounts payable Deferred revenues (next 12 months) Notes payable Allowance for uncollectible accounts Common stock Retained earnings Totals 31,000 68,000 93,000 16,000 56,000 132,000 330,000 106,000 87,000 31,000 71,000 26,000 280,000 6,000 260,000 57,000 853,000 853,000 Additionel Information: 1. The $132.000 balance in the land 2 The $56,000 in the marketable securities account represents 3. The notes payable account consists of a S112000 note due in six months and a $168.000 note due in three annual installments of 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 intends to sell one-half of the stock within the next year $56.000 each, with the first payment due in August of 2019 an investment in the common stock of another corporation. Valley Required a classified balance sheet for the Vailey Pump Corporation at December 31, 2018 (Amounts to be deducted should be Indicated by a minus sign.) VALLEY PUMP CORPORATION Balance Sheet At December 31, 2018