The following is the ending balances of accounts at December 31, 2018 for the Valley Pump Corporation. Account Title Cash Accounts receivable Inventories Interest payable Marketable securities Land Buildings Accumulated depreciation-buildings Equipment Accumulated depreciation equipment Copyright (net of amortization) Prepaid expenses (next 12 months) Accounts payable Deferred revenues (next 12 months) Notes payable Allowance for uncollectible accounts Common stock Retained earnings Totals Debits Credits 35,000 76,000 101,000 20,000 64,000 140,000 350,000 110,000 95,000 35,000 22,000 42,000 75,000 30,000 300,000 5,000 300,000 50,000 925,000 925,000 Additional information: 1. The $140,000 balance in the land account consists of $110,000 for the cost of land where the plant and office buildings are located. The remaining $30,000 represents the cost of land being held for speculation. 2. The $64,000 in the marketable 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 $120,000 note due in six months and a $180,000 note due in three annual installments of $60,000 each, with the first payment due in August of 2019. Required: Prepare a classified balance sheet for the Valley Pump Corporation at December 31, 2018. (Amounts to be deducted should be indicated by a minus sign.) VALLEY PUMP CORPORATION Balance Sheet At December 31, 2018 Assets Current assests Cash Accounts receivable (net) Allowance for uncollectible accounts Inventories Marketable securities Prepaid expenses Total current assets Investments Land Marketable securities 0 0 Total investments Property, plant, and equipment Land Buildings Equipment Depreciation expense 0 0 Net property, plant, and equipment Intangible assets S Total assets Liabilities and Shareholders' Equity Current liabilities Total current liabilities U Total liabilities U 0 Total shareholders' equity Total liabilities and shareholders' equity S 0