> Help System Announcements CALCULATOR PRINTER VERSION BACK Anthony Moss, owner of Moss Interiors, is negotiating for the purchase of Sandhill Galleries. The balance sheet of Sandhill is given in an abbreviated form below. NEXT Assets Cash Land Buildings (net) Equipment (net) Copyrights (net) Total assets Sandhill Gallarles Balance Sheet As of December 31, 2020 Liabilities and Stockholders' Equity Accounts payable Notes payable (long-term) Total liabilities Common stock Retained earnings Total abilities and stockholders' equity $120,000 71,500 201,500 176,500 31,500 $601,000 $51,100 302.800 353,900 $225,900 21,200 247 100 $601,000 Moss and Sandhill agree that: 1. Land is undervalued by $30,000. 2. Equipment is overvalued by $5,000. Sandhill agrees to sell the gallery to Moss for $350,000 Prepare the entry to record the purchase of Sandhill 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 for the amounts.) Account Tities and Explanation Debit Credit