Fred Moss, owner of Moss Interiors, is negotiating for the purchase of Zweifel Galleries. The balance sheet of Zweifel is given in an abbreviated form below.

                      

Moss and Zweifel agree that:
  1. Land is undervalued by $30,000.
  2. Equipment is overvalued by $5,000.
Zweifel agrees to sell the gallery to Moss for $350,000.

Instructions
Prepare the entry to record the purchase of Zweifel Galleries on Moss’s books.