Exerclse 3-5 Balance sheet preparatlon [LO3-2, 3-3] The following is the ending balances of accounts at December 31, 2018 for the Valley Pump Corporation. 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 Debits 25.80e 56 , 81,80e Credits 18,e8e 44.89e 128,800 300,890 188,800 75,890 25,89e 12,808 32,880 65,89e 28.89e 259,808 5,808 288,800 745,83 745,83e Addltlonel Informetlon: 1. The $120,000 balance in the land account consists of $100,000 for the cost of land where the plant and office buildings are located. 2. The $44,000 in the marketable securities account represents an investment in the common stock of another corporation. Valley 3. The notes payable account consists of a $100,000 note due in six months and a $150,000 note due in three annual installments of The remaining $20,000 represents the cost of land being held for speculation. intends to sell one-half of the stock within the next year $50,000 each, with the first payment due in August of 2019 is not complete. Balance Sheet Assets Current assets Cash 25,000 51,000 81,000 32,000 22,000 Accounts receivable (ne:) Prepaid expenses Total current assets 211,000 20,000 22,000 Marketable securities Total investments 42,000 Property, plant, and equipmant 100,000 300,00D 75,000 475,000 Net property, plant, and equipment 475,000 Intangible assets Copyright 12,000 3 740,000 Liabilities and Shareholders Equity Current liabilities Note payable Current maturities of long-term debt 100,000 50,000 10,000 20,000 65,000 Deferred revenues Total current liabilities 245,000 Long-term liabilities Note payable 100,000 Total liabilities 345,000 Shareholders equity Common stock 200,000 70,000 Total shareholders equity 270,000 5 615,000 Total liabilities and shareholders equity Exerclse 3-5 Balance sheet preparatlon [LO3-2, 3-3] The following is the ending balances of accounts at December 31, 2018 for the Valley Pump Corporation. 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 Debits 25.80e 56 , 81,80e Credits 18,e8e 44.89e 128,800 300,890 188,800 75,890 25,89e 12,808 32,880 65,89e 28.89e 259,808 5,808 288,800 745,83 745,83e Addltlonel Informetlon: 1. The $120,000 balance in the land account consists of $100,000 for the cost of land where the plant and office buildings are located. 2. The $44,000 in the marketable securities account represents an investment in the common stock of another corporation. Valley 3. The notes payable account consists of a $100,000 note due in six months and a $150,000 note due in three annual installments of The remaining $20,000 represents the cost of land being held for speculation. intends to sell one-half of the stock within the next year $50,000 each, with the first payment due in August of 2019 is not complete. Balance Sheet Assets Current assets Cash 25,000 51,000 81,000 32,000 22,000 Accounts receivable (ne:) Prepaid expenses Total current assets 211,000 20,000 22,000 Marketable securities Total investments 42,000 Property, plant, and equipmant 100,000 300,00D 75,000 475,000 Net property, plant, and equipment 475,000 Intangible assets Copyright 12,000 3 740,000 Liabilities and Shareholders Equity Current liabilities Note payable Current maturities of long-term debt 100,000 50,000 10,000 20,000 65,000 Deferred revenues Total current liabilities 245,000 Long-term liabilities Note payable 100,000 Total liabilities 345,000 Shareholders equity Common stock 200,000 70,000 Total shareholders equity 270,000 5 615,000 Total liabilities and shareholders equity