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 34,000 74,000 99,000 19,000 62,000 138,000 345,000 109,000 93,000 34,000 21,000 41,000 74,000 29,000 295,000 9,000 290,000 48,000 907,000 907,000 Additional information: 1. The $138,000 balance in the land account consists of $109,000 for the cost of land where the plant and office buildings are located. The remaining $29,000 represents the cost of land being held for speculation. 2. The $62,000 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 $118,000 note due in six months and a $177,000 note due in three annual installments of $59,000 each, with the first payment due in August of 2019. VALLEY PUMP CORPORATION Balance Sheet At December 31, 2018 Assets Current assests Total current assets Investments Total investments Property, plant, and equipment Net property, plant, and equipment Intangible assets Total assets Liabilities and Shareholders' Equity Current liabilities Total current liabilities Total liabilities Total shareholders' equity Total liabilities and shareholders' equity