The following are the ending balances of accounts at December 31, 2021, for the Valley Pump Corporation. Account Title Cash Accounts receivable Debits Credits $ 26,000 58,000 Inventory 83,000 Interest payable $ 11,000 Investment in equity securities 46,000 Land 122,000 Buildings 305,000 Accumulated depreciation-buildings 101,000 Equipment 77,000 Accumulated depreciation-equipment 26,000 Copyright (net) 13,000 Prepaid expenses (next 12 months) 33,000 Accounts payable 66,000 Deferred revenue (next 12 months) Notes payable Allowance for uncollectible accounts Common stock Retained earnings Totals 21,000 255,000 6,000 210,000 67,000 $763,000 $763,000 Additional Information: 1. The $122,000 balance in the land account consists of $101,000 for the cost of land where the plant and office buildings are located. The remaining $21,000 represents the cost of land being held for speculation. 2. The $46,000 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 $102,000 note due in six months and a $153,000 note due in three annual installments of $51,000 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. (Amounts to be deducted should be indicated by a minus sign.) Answer is not complete. VALLEY PUMP CORPORATION Balance Sheet At December 31, 2021 Current assets: Cash Investment in equity securities Accounts receivable Allowance for uncollectible accounts Assets >> Total current assets Investments: Investment in equity securities S 23,000 S 26,000 23,000 58,000 (8,000) 101,000 Total investments 23,000 Property, plant, and equipment: Land 101,000 Buildings 0 305,000 Equipment 0 77,000 483,000 Net property, plant, and equipment Intangible assets: Copyright (net) Total assets Current liabilities: Interest payable Accounts payable Deferred revenue Notes payable (current) Liabilities and Shareholders' Equity Total current liabilities Long-term liabilities: Notes payable (long-term) Total liabilities Shareholders' equity: Common stock Retained earnings Total shareholders' equity Total liabilities and shareholders' equity 483,000 13,000 $620,000 0 $ 11,000 66,000 21,000 0 98,000 S 210,000 98,000 67,000 277,000 $ 375,000