Exercise $3-5($Algo$)$ Balance sheet preparation $[$LO$3-2,3-3]$

The following are the ending balances of accounts at December $31,2024,$ for the Valley Pump Corporation.

Additional Information:

The $$158,000$ balance in the land account consists of $$119,000$ for the cost of land where the plant and office buildings are

located. The remaining $$39,000$ represents the cost of land being held for speculation.

The $$82,000$ 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.

The notes payable account consists of a $$138,000$ note due in six months and a $$207,000$ note due in three annual installments

of $$69,000$ 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.

Note: Amounts to be deducted should be indicated by a minus sign.

VALLEY PUMP CORPORATION

Balance Sheet

At December $31,2024$

Assets

Current assets: