(Solved): The following are the ending balances of accounts at December 31, 2021, for the Valley Pump Corpo ...

The following are the ending balances of accounts at December 31, 2021, for the Valley Pump Corporation. Account Title Debits Credits Cash $ 26,000 Accounts receivable 58,000 83,000 Inventory Inte Interest payable $ 11,000 Investment in equity securities 46,000 Fond Land 122,000 Buildings 305,000 K 101,000 Accumulated depreciation-buildings Equipment 77,000 26,000 Accumulated depreciation-equipment Copyright (net) 13,000 33,000 Prepaid expenses (next 12 months) Accounts payable 66,000 Deferred revenue (next 12 months) 21,000 Notes payable 255,000 6,000 Allowance for uncollectible accounts Common stock 210,000 Retained earnings Totals 67,000 $763,000 $763,000 Additional Information: 1. The $122,000 balance in the land account consists of $101,000 for the cost of land where the plant and office buildings located. The remaining $21,000 represents the cost of land being held for speculation. 2. The $46,000 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 $102,000 note due in six months and a $153,000 note due in three annual installments of $51,000 each, with the first payment due in August of 2022. Required: Prepare a classified balance sheet for the Valley Pump Corporation at December 31, 2021. Use the additional Information to help determine appropriate classifications and account balances. (Amounts to be deducted should be indicated by a minus sign.) Answer is not complete. VALLEY PUMP CORPORATION Balance Sheet At December 31, 2021 Assets Current assets: Cash 26,000 Investment in equity securities 23,000 Accounts receivable 58,000? Allowance for uncollectible accounts (6,000) Total current assets 101,000 Investments: Investment in equity securities Total investments 23,000 Property, plant, and equipment: Land Buildings Equipment Net property, plant, and equipment Intangible assets: Copyright (net) Total assets Current liabilities: Interest payable Accounts payable Deferred revenue Notes payable (current) Total current liabilities Long-term liabilities: Notes payable (long-term) Total liabilities Shareholders' equity: Common stock Retained earnings ›› Total shareholders' equity Total liabilities and shareholders' equity 33 > 333 ? Liabilities and Shareholders' Equity 3333 ? S ›› 23,000? 101,000 ? 305,000? 77,000?? 483,000 S 210,000 67.000? $ 483,000 13,000 $ 620,000 $ 11,000? 68,000 21,000 98,000 98,000 277,000 $ 375,000