The following are the ending balances of accounts at December 31, 2021, for the Valley Pump Corporation.

Account Title		Debits			Credits
Cash	$	27,000
Accounts receivable		60,000
Inventory		85,000
Interest payable				$	12,000
Investment in equity securities		48,000
Land		124,000
Buildings		310,000
Accumulated depreciationbuildings					102,000
Equipment		79,000
Accumulated depreciationequipment					27,000
Copyright (net)		14,000
Prepaid expenses (next 12 months)		34,000
Accounts payable					67,000
Deferred revenue (next 12 months)					22,000
Notes payable					260,000
Allowance for uncollectible accounts					7,000
Common stock					220,000
Retained earnings					64,000
Totals	$	781,000		$	781,000

Additional Information:

1. The $124,000 balance in the land account consists of $102,000 for the cost of land where the plant and office buildings are located. The remaining $22,000 represents the cost of land being held for speculation.
2. The $48,000 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 $104,000 note due in six months and a $156,000 note due in three annual installments of $52,000 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.)

VALLEY PUMP CORPORATION
Balance Sheet
At December 31, 2021
Assets
Current assets:
Cash
Net accounts receivable		0
Accounts receivable
Total current assets		0
Investments:
Total investments		0
Property, plant, and equipment:
Land
Buildings
	0
Net property, plant, and equipment		0
Intangible assets:
Total assets		$0
Liabilities and Shareholders' Equity
Current liabilities:
Interest payable
Accounts payable
Notes payable
Deferred revenue
Total current liabilities		0
Long-term liabilities:
Notes payable
Total liabilities		0
Shareholders equity:
Salaries payable
Total shareholders equity		0
Total liabilities and shareholders equity		$0