The following is a December 31, 2013, post-closing trial balance for the Valley Pump Corporation.

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 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 $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 2014.

Required:

Prepare a classified balance sheet for the Valley Pump Corporation at December 31, 2013.

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Account Title Debits Credits Cash 25,000 56,000 81,000 Accounts receivable Inventories Interest payable Marketable securities 10,000 44,000 120,000 300,000 Land Buildings Accumulated depreciation-buildings Equipment Accumulated depreciation-equipment Copyright (net of amortization) Prepaid expenses Accounts payable Unearned revenues Notes payable Allowance for uncollectible accounts 100,000 75,000 25,000 12,000 32,000 65,000 20,000 250,000 5,000 200,000 70,000 Common stock Retained earnings Totals 745,000 745,000