Prepare a classified balance sheet for Jackson Corporation at December 31, 2021, by properly classifying each of 144 SECTION 1 The Role of Accounting Required: the accounts Credits The following are the ending balances of accounts at December 31, 2021, for the Valley Pump Corporation. Debits E 3-5 Balance sheet preparation LO3-2, LO3-3 $ 25,000 56,000 81.000 $ 10,000 44.000 120,000 300,000 100,000 75,000 Account Title 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) Notes payable Allowance for uncollectible accounts Common stock Retained earnings Totals 25,000 12,000 32,000 65,000 20,000 250,000 5,000 200,000 70,000 $745,000 $745,000 Additional Information: 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. The remaining $20,000 represents the cost of land being held for speculation. 2. The 544,000 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 $100,000 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. E 3-6 Pracanta