The following are the ending balances of accounts at December 31, 2021, for the Valley Pump Corporation. Account Title: Cash Accounts receivable Inventory Interest payable Investment in equity securities Land Buildings Accumulated depreciation-buildings Equipment Debits Credits $ 25,000 56,000 81,000 $ 10,000 44,000 120,000 300,000 100,000 75,000 Accumulated depreciation-equipment Copyright (net) 25,000 12,000 Prepaid expenses (next 12 months) 32,000 Accounts payable 65,000 Deferred revenue (next 12 months) Notes payable Allowance for uncollectible accounts Common stock Retained earnings 20,000 250,000 5,000 200,000 70,000 Totals $745,000 $745,000 Additional Information: 1. The $120,000 balance in the land account consists of $100,000 for the cost of land where the plant and office buildings are located. The remaining $20,000 represents the cost of land being held for speculation. 2. The $44,000 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 $100,000 note due in six months and a $150,000 note due in three annual installments of $50,000 each, with the first payment due in August of 2022.