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The following are the ending balances of accounts at December 31, 2021, for the Valley Pump Corporation Account Tide Cash Accounts receivable Inventory Interest payable Investment in equity securities Land Buildings Accumulated depreciation--buildings Equipment Accumulated depreciation-equipment Copyright (net) Prepaid expenses (next 12 months) Accounts payable Deferred revenue (next 12 months) Allowance for uncollectible accounts Retained earrings Debits Credits $ 38.000 82.000 107 000 $ 23,000 70,000 148,000 365.000 113,000 101,000 38.000 25.000 45 000 78,000 33,000 315.000 8.000 330.000 41,000 $979.000 $979.000 Common stock Totals Additional Information 1. The $146,000 balance in the land account consists of $113,000 for the cost of land where the plant and office buildings are located The remaining $33.000 represents the cost of land being held for speculation 2 The $70,000 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 $126,000 note due in six months and a $189.000 note due in the annual installimerits of $63,000 each with the first payment due in August of 2022 Required: Prepare a classified balance sheet for the Valley Pump Corporation at December 31, 2021. Use the additional information to help determine appropriate classifications and account balances (Amounts to be deducted should be indicated by a minus sign.) VALLEY PUMP CORPORATION Balance Sheet At December 31, 2021 Assets Current assets Cash $ 38,000 35,000 Investment in equity securities 82 000 Accounts receivable Allowance for uncollectible accounts Inventory (8,000) 107.000 45,000 Prepaid expenses Total current assets 299,000 Investments S Investment in equity securities 35,000 33,000 Land Total investments 68,000 Property, plant and equipment: Land 113,000 365,000 Buildings Equipment 101,000 579,000 (151.000) Less. Accumulated depreciation - buildings 428.000 Net property, plant, and equipment Intangible assets Copyright (net) 25,000 Total assets $ 820,000 Liabilities and Shareholders' Equity Current liabilities Accounts payable 5 78,000 Notes payable 189,000 Deferred revenue 33.000 23,000 Interest payable Property, plant, and equipment: 113,000 Land 365,000 Buildings Equipment 101,000 579,000 Less: Accumulated depreciation - buildings (151,000) 428,000 Net property, plant, and equipment Intangible assets Copyright (net) 25,000 Total assets $ 820,000 Liabilities and Shareholders' Equity Current liabilities Accounts payable Notes payable $ 78,000 189,000 Deferred revenue 33 000 Interest payable 23,000 Total current liabilities 323,000 Long-term liabilities Notes payable 126,000 Total liabilities 449,000 Shareholders' equity Common stock $ 330,000 41,000 Retained earings Total shareholders' equity 371,000 820,000 Total liabilities and shareholders' equity s
