The following is the ending balances of accounts at December

The following is the ending balances of accounts at December 31, 2018 for the Valley Pump Corporation.

Additional information:

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.

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.

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.

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.)

Account Title	Debits	Credits
Cash	34,000
Accounts receivable	74,000
Inventories	99,000
Interest payable			19,000
Marketable securities	62,000
Land	138,000
Buildings	345,000
Accumulated depreciation—buildings			109,000
Equipment	93,000
Accumulated depreciation—equipment			34,000
Copyright (net of amortization)	21,000
Prepaid expenses (next 12 months)	41,000
Accounts payable			74,000
Deferred revenues (next 12 months)			29,000
Notes payable			295,000
Allowance for uncollectible accounts			9,000
Common stock			290,000
Retained earnings			48,000
Totals	907,000		907,000

Solution

VALLEY PUMP CORPORATION Balance Sheet At December 31, 2018 Assets Current assets Cash 34000 Marketable securities 31000 Accounts receivable 74000 Allowance for uncollectible accounts -9000 65000 Inventories 99000 Prepaid expenses 41000 Total current assets 270000 Investments Land 29000 Marketable securities 31000 Total investments 60000 Property, plant, and equipment Land 109000 Buildings 345000 Accumulated depreciation-buildings -109000 236000 Equipment 93000 Accumulated depreciation-equipment -34000 59000 Total property, plant, and equipment 404000 Intangible assets Copyrights 21000 Total assets 755000 Liabilities and Shareholders\' Equity Current liabilities Accounts payable 74000 Notes payable ($118000 + $59000) 177000 Interest payable 19000 Deferred revenues 29000 Total current liabilities 299000 Long-term liabilities Notes payable ($59000 x 2) 118000 Total liabilities 417000 Shareholders\' equity Common stock 290000 Retained earnings 48000 Total shareholders\' equity 338000 Total liabilities and shareholders\' equity 755000