The following is the ending balances of accounts at December 31,2018 for the Valley Pump Corporation. Account Title Debits CreditsCash 42,000 Accounts receivable 90,000 Inventories 115,000 Interestpayable 27,000 Marketable securities 78,000 Land 154,000 Buildings385,000 Accumulated depreciation—buildings 117,000 Equipment109,000 Accumulated depreciation—equipment 42,000 Copyright (net ofamortization) 29,000 Prepaid expenses (next 12 months) 49,000Accounts payable 82,000 Deferred revenues (next 12 months) 37,000Notes payable 335,000 Allowance for uncollectible accounts 7,000Common stock 370,000 Retained earnings 34,000 Totals 1,051,0001,051,000 Additional information: The $154,000 balance in the landaccount consists of $117,000 for the cost of land where the plantand office buildings are located. The remaining $37,000 representsthe cost of land being held for speculation. The $78,000 in themarketable securities account represents an investment in thecommon stock of another corporation. Valley intends to sellone-half of the stock within the next year. The notes payableaccount consists of a $134,000 note due in six months and a$201,000 note due in three annual installments of $67,000 each,with the first payment due in August of 2019.