The following are the ending balances of accounts at

Last updated: 9/15/2023

The following are the ending balances of accounts at December 31 2024 for the Valley Pump Corporation Account Title Cash Accounts receivable Inventory Interest payable Investment in equity securities Land Buildings Accumulated depreciation buildings Equipment Accumulated depreciation equipment Copyright net Prepaid expenses next 12 months Accounts payable Deferred revenue next 12 months Notes payable Allowance for uncollectible accounts Common stock Retained earnings Totals Debits 38 000 82 000 197 000 70 000 146 000 365 000 101 000 25 000 45 000 Credits 23 000 113 000 38 000 78 000 33 000 315 000 8 000 330 000 41 000 979 000 979 000 Additional Information 1 The 146 000 balance in the land account consists of 113 000 for the cost of land where the plant and office buildings are located The remaining 33 000 represents the cost of land being held for speculation 2 The 70 000 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 126 000 note due in six months and a 189 000 note due in three annual installments of 63 000 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