The following are the ending balances of accounts at December $31,2021,$ for the Valley Pump Corporation.

Account Title Debits Credits

Cash $$44,000$

Accounts receivable $94,000$

Inventory $119,000$

Interest payable $$29,000$

Investment in equity securities $82,000$

Land $158,000$

Buildings $395,000$

Accumulated depreciation$$buildings $119,000$

Equipment $113,000$

Accumulated depreciation$$equipment $44,000$

Copyright $($net$)31,000$

Prepaid expenses $($next $12$ months$)51,000$

Accounts payable $84,000$

Deferred revenue $($next $12$ months$)39,000$

Notes payable $345,000$

Allowance for uncollectible accounts $6,000$

Common stock $390,000$

Retained earnings $31,000$

Totals $$1,087,000$ $$1,087,000$

Additional Information:

$1.$ 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.

$2.$ 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.

$3.$ 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 $2022.$

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.$)$