The following is a December 31, 2011, post-closing trial balance for the Valley Pump Corporation. Additional information:

Question:

The following is a December 31, 2011, post-closing trial balance for the Valley Pump 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 of another 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 2012.

Required:
Prepare a classified for the Valley Pump at December 31, 2011.

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