Balance Sheet As of December 31, 2025 Assets Liabilities and Stockholders' Equity Cash $124,000 Accounts payable...

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Balance Sheet As of December 31, 2025 Assets Liabilities and Stockholders' Equity Cash $124,000 Accounts payable $50,900 Land 71,900 Notes payable (long-term) 301,900 Buildings (net) 202,400 Total liabilities 352,800 Equipment (net) 176,900 Common stock $232,900 Copyrights (net) 31,900 Retained earnings 21,400 254,300 Total assets $607,100 Total liabilities and stockholders' equity $607,100 Moss and Cullumber agree that: 1. Land is undervalued by $30,000. 2. Equipment is overvalued by $5,000. Cullumber agrees to sell the gallery to Moss for $364,000. Prepare the entry to record the purchase of Cullumber Galleries on Moss's books. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. List all debit entries before credit entries.) Balance Sheet As of December 31, 2025 Assets Liabilities and Stockholders' Equity Cash $124,000 Accounts payable $50,900 Land 71,900 Notes payable (long-term) 301,900 Buildings (net) 202,400 Total liabilities 352,800 Equipment (net) 176,900 Common stock $232,900 Copyrights (net) 31,900 Retained earnings 21,400 254,300 Total assets $607,100 Total liabilities and stockholders' equity $607,100 Moss and Cullumber agree that: 1. Land is undervalued by $30,000. 2. Equipment is overvalued by $5,000. Cullumber agrees to sell the gallery to Moss for $364,000. Prepare the entry to record the purchase of Cullumber Galleries on Moss's books. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. List all debit entries before credit entries.)