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Exercise 3-5(Algo) Balance sheet preparation [LO3-2,3-3] The following are the ending balances of...

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Accounting

Exercise 3-5(Algo) Balance sheet preparation [LO3-2,3-3]
The following are the ending balances of accounts at December 31,2024, for the Valley Pump Corporation.
Additional Information:
The $152,000 balance in the land account consists of $116,000 for the cost of land where the plant and office buildings are
located. The remaining $36,000 represents the cost of land being held for speculation.
The $76,000 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 $132,000 note due in six months and a $198,000 note due in three annual installments
of $66,000 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.
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