CHO3 Problems Saved 2 Exercise 3-5 Balance sheet preparation (LO3-2, 3-3] The following is the ending balances of accounts at December 31, 2018 for the Valley Pump Corporation. 100 ponts /Account Title Cash Accounts neceivable Inventories Interest payable Marketable securities Debits Credits 43,ee0 92,000 117,000 28,000 80,000 156,00e 390,000 Land Buildings Accumulated depreciation-buildings Equipment Accumulated depreciation-equipment Copyright (net of amortization) Prepaid expenses (next 12 months) Accounts payable Deferred revenues (next 12 months) Notes payable Allowance for uncollectible 118,000 111,000 43,000 30,000 5e,eee 83,000 38,000 340,000 5,000 accounts Conmon stock Retained earnings 380,000 34,000 Totals 1,069,000 1,069,000 Additional information: 1 The $156,000 balance in the land account consists of $118,000 for the cost of land where the plant and office buildings are located. The remaining $38,000 represents the cost of land being held for speculation 2 The $80,000 in the marketable securities account represents an investment in the common stock of another corporation. Valley intends to sel one-half of the stock within the next year 3. The notes payable account consists of a $136,000 note due in six months and a $204,000 note due in three annual installments of $68,000 each, with the first payment due in August of 2019