Required:

Prepare a classified balance sheet for the Valley Pump Corporation at December $31,2024.$ 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 $31,2024.$

Adaitional Information:

The notes receivable, along with any interest receivable, are due on November $22,2025.$

The notes payable are due in $2028.$ Interest is payable annually.

The imvestment in debt securities consist of treasury bills, all of which mature next year.

Deferred revenue will be recognized as revenue equally over the next two years.