The following are the ending balances of accounts at December $31,2024,$ for the Valley Pump Corporation.

Account Title Debits Credits

Cash $ $41,000$

Accounts receivable $88,000$

Inventory $113,000$

Interest payable $ $26,000$

Investment in equity securities $76,000$

Land $152,000$

Buildings $380,000$

Accumulated depreciation$$buildings $116,000$

Equipment $107,000$

Accumulated depreciation$$equipment $41,000$

Copyright $($net$)28,000$

Prepaid expenses $($next $12$ months$)48,000$

Accounts payable $81,000$

Deferred revenue $($next $12$ months$)36,000$

Notes payable $330,000$

Allowance for uncollectible accounts $6,000$

Common stock $360,000$

Retained earnings $37,000$

Totals $ $1,033,000$ $ $1,033,000$

Additional Information:

$1.$ The $$152,000$ balance in the land account consists of $$116,000$ for the cost of land where the plant and office buildings are located. The remaining $$36,000$ represents the cost of land being held for speculation.

$2.$ The $$76,000$ 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 $$132,000$ note due in six months and a $$198,000$ note due in three annual installments of $$66,000$ 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.

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