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

Account Title Debits Credits
Cash $25,000
Accounts receivable 56,000
Inventory 81,000
Interest payable $10,000
Investment in equity securities 44,000
Land 120,000
Buildings 300,000
Accumulated depreciation—buildings 100,000
Equipment 75,000
Accumulated depreciation—equipment 25,000
Copyright (net) 12,000
Prepaid expenses (next 12 months) 32,000
Accounts payable 65,000
Deferred revenue (next 12 months) 20,000
Notes payable 250,000
Allowance for uncollectible accounts 5,000
Common stock 200,000
Retained earnings 70,000
Totals $745,000 $745,000

The $120,000 balance in the land account consists of $100,000 for the cost of land where the plant and office buildings are located. The remaining $20,000 represents the cost of land being held for speculation. The $44,000 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 $100,000 note due in six months and a $150,000 note due in three annual installments of $50,000 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.