The following are the ending balances of accounts at December 31, 2024, for the Valley Pump Corporation. Account Title Cash Debits $ 40,000 Credits Accounts receivable Inventory Interest payable 86,000 111,000 $ 25,000 Investment in equity securities Land Buildings 74,000 150,000 375,000 Accumulated depreciation-buildings 115,000) Equipment 105,000 Accumulated depreciation-equipment 40,000 Copyright (net) 27,000 Prepaid expenses (next 12 months) 47,000) Accounts payable 80,000 Deferred revenue (next 12 months) 35,000 325,000 Notes payable Allowance for uncollectible accounts Connon stock Retained earnings Totals Additional Information: 5,000 350,000 40,000 $ 1,015,000 $1,015,000 1. The $150,000 balance in the land account consists of $115,000 for the cost of land where the plant and office buildings are located. The remaining $35,000 represents the cost of land being held for speculation. 2. The $74,000 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 $130,000 note due in six months and a $195,000 note due in three annual installments of $65,000 each, with the first payment due in August of 2025. 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.