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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 S100,000 note due in six months and a $150,000 note due in three annual installments of $50,000 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. Presented next are the ending balances of accounts for the Kansas Instruments Corporation at December 31, 2021. et; Account Title Debits Credits us Cash $ 20,000V 130,000 V Accounts recelvable Raw materials LC 24,000 100,000 3,000V 3-3 Notes receivable Interest receivable 5,000 Interest payable Investment in debt securities 32,000 50,000 1,300,000 Land Buildings Accumulated depreciation-buildings 620,000 42,000 89,000 300,000 Work in process Finished goods Equipment 130,000 Accumulated depreclation-equipment Patent (net) Prepaid rent (for the next two years) Deferred revenue (next 12 months) Accounts payable 120,000 60,000 36,000 180,000 400,000 Notes payable Restricted cash (for payment of notes payable) 80,000 13,000 800,000 Allowance for uncollectible accounts Sales revenue 450,000 28,000 Cost of goods sold Rent expense The Balance Sheet and Financial Disclosures 145 CHAPTER 3 Additional Information: 1. The notes receivable, along with any accrued interest, are due on November 22, 2022. 2. The notes payable are due in 2025. Interest is payable annually. 3. The investment in debt sceturfies consist of treasury ill, al of which mature next year. 3. The esmesture nEt YE 4. Deferred revenue will be recognized as revenue equally over the next two years. Required: Determi ine the company's working capital (current assets minus current liabilities) at December 31, 2021. recently hired accountant. In The following balance sheet for the Los Gatos Corporation was prepared by a sheet reviewing the statement you notice several errors. on