Exercise 3-5 Balance sheet preparation (LO3-2, 3-3) The following is the ending balances of accounts at December 31, 2018 for the Valley Pump Corporation. Account Title Debits Credits Cash 27,000 Accounts receivable 60, eee Inventories 85,000 Interest payable 12, eee Marketable securities 48, eee Land 124, eee Buildings 31e, eee Accumulated depreciation-buildings 102,000 Equipment 79,000 Accumulated depreciation-equipment 27,000 Copyright (net of amortization) 14, eee Prepaid expenses (next 12 months) 34, eee Accounts payable 67,000 Deferred revenues (next 12 months) 22,000 Notes payable 260,000 Allowance for uncollectible accounts 7,000 Common stock 220,000 Retained earnings 64,000 Totals 781, eee 781, eee Additional information: 1. The $124.000 balance in the land account consists of $102,000 for the cost of land where the plant and office buildings are k The remaining $22.000 represents the cost of land being held for speculation 2. The $48,000 in the marketable securities account represents an investment in the common stock of another corporation. Val intends to sell one-half of the stock within the next year. 3. The notes payable account consists of a $104.000 note due in six months and a $156,000 note due in three annual installme $52,000 each with the first payment due in August of 2019. Required: Prepare a classified balance sheet for the Valley Pump Corporation at December 31, 2018. (Amounts to be deducted should b Indicated by a minus sign.)