The following are the ending balances of accounts at December 31, 2021, for the Valley Pump Corporation. Account Title Cash Accounts receivable Inventory Debits Credits $ 39,000 84,000 109,000 Interest payable $ 24,000 Investment in equity securities 72,000 Land 148,000 Buildings 370,000 Accumulated depreciation-buildings 114,000 Equipment 103,000 Accumulated depreciation-equipment 39,000 Copyright (net) 26,000 Prepaid expenses (next 12 months) 46,000 Accounts payable 79,000 Deferred revenue (next 12 months) 34,000 Notes payable 320,000 Allowance for uncollectible accounts Common stock Retained earnings 9,000 340,000 38,000 Totals $997,000 $997,000 Additional Information: 1. The $148,000 balance in the land account consists of $114,000 for the cost of land where the plant and office buildings are located. The remaining $34,000 represents the cost of land being held for speculation. 2. The $72,000 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 $128,000 note due in six months and a $192,000 note due in three annual Installments of $64,000 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 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.) VALLEY PUMP CORPORATION Balance Sheet At December 31, 2021 Current assets: Cash Accounts receivable Allowance for uncollectible accounts Inventory Investment in equity securities Prepaid expenses Total current assets Investments: Investment in equity securities Land Total investments Property, plant, and equipment: Land Buildings Assets $ 36,000 34,000 114,000 370,000 $ 39,000 84,000 (9,000) 109,000 36,000 46,000 305,000 70,000 Equipment Less: Accumulated depreciation - buildings Net property, plant, and equipment Intangible assets: Copyright (net) 103,000 587,000 587,000 26,000 S Total assets 988,000 Liabilities and Shareholders' Equity Current liabilities: Accounts payable Interest payable Deferred revenue Notes payable (current) Notes payable (current maturities of long-term debt) $ 79,000 24,000 34,000 128,000 64,000 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 $ 340,000 38,000 329,000 128,000 457,000 378,000 $ 835,000