Problem $3-6($Static$)$ Balance sheet preparation; disclosures $[$LO$3-2,3-3,3-4]$

The following is the ending balances of accounts at December $31,2024,$ for the Vosburgh Electronics Corporation.

Account Title Debits Credits

Cash $ $67,000$

Short$-$term investments $182,000$

Accounts receivable $123,000$

Long$-$term investments $35,000$

Inventory $215,000$

Receivables from employees $40,000$

Prepaid expenses $($for $2025)16,000$

Land $280,000$

Building $1,550,000$

Equipment $637,000$

Patent $($net$)152,000$

Franchise $($net$)40,000$

Notes receivable $250,000$

Interest receivable $12,000$

Accumulated depreciation$$building $ $620,000$

Accumulated depreciation$$equipment $210,000$

Accounts payable $189,000$

Dividends payable $($payable on $1/16/2025)10,000$

Interest payable $16,000$

Income taxes payable $40,000$

Deferred revenue $60,000$

Notes payable $300,000$

Allowance for uncollectible accounts $8,000$

Common stock $2,000,000$

Retained earnings $146,000$

Totals $ $3,599,000$ $ $3,599,000$

Additional information:

The receivables from employees are due on June $30,2025.$

The notes receivable are due in installments of $$50,000,$ payable on each September $30.$ Interest is payable annually.

Short$-$term investments consist of securities that the company plans to sell in $2025$ and $$50,000$ in treasury bills purchased on December $15$ of the current year that mature on February $15,2025.$ Long$-$term investments consist of securities that the company does not plan to sell in the next year.

Deferred revenue represents payments from customers for extended service contracts. Eighty percent of these contracts expire in $2025,$ the remainder in $2026.$

Notes payable consists of two notes, one for $$100,000$ due on January $15,2026,$ and another for $$200,000$ due on June $30,2027.$

Required:

Prepare a classified balance sheet for Vosburgh at December $31,2024.$

Note: Amounts to be deducted should be indicated by a minus sign.