VAUEY PUMP CORPORATION Balance Sheot At December 31, 2024 Assets Exercise 3-5 (Algo) Balance sheet preparation [LO3-2, 3-3] The following are the ending balances of accounts at December 31,2024 , for the Valley Pump Corporation Additional Information 1. The $134,000 balance in the land account consists of $107,000 for the cost of land where the plant and office bulldings are located. The remaining $27,000 represents the cost of land being held for speculation 2. The $58.000 balance in the investment in equity secunties account represents an investment in the common stock of another corporation Volley intends to sell one-half of the stock within the next yoar. 3. The notes payable account consists of a $114,000 note due in six months and a $171,000 note due in three annual installments of $57,000 each, with the first payment due in August of 2025 Required: Prepare a classified balance sheet for the Valley Pump Corporation at December 31, 2024. Use the additional information to help determine appropriate classifications and account balances. Note: Amounts to be deducted should be indicated by a minus sign