Question 1 of 5 Current Attempt in Progress -/1 E Donald Graf, owner of Graf Interiors,...

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Question 1 of 5 Current Attempt in Progress -/1 E Donald Graf, owner of Graf Interiors, is negotiating for the purchase of Ivanhoe Galleries. The following statement of financial position of Ivanhoe is given in an abbreviated form. Ivanhoe Gallaries Statement of Financial Position As of December 31, 2022 Assets Liabilities and Stockholders' Equity Buildings (net) Equipment (net) $200,900 Share capital-ordinary $211,000 175,900 Retained earnings 21,900 $232,900 Copyrights (net) 30,900 Accounts payable 50,100 Land 70,900 Long-term notes payable 309.600 Cash 114,000 Total liabilities 359,700 Total assets $592,600 Total equity and liabilities $592,600 Graf and Ivanhoe agree that: 1 Land is undervalued by $30,000. 2 Equipment is overvalued by $5,000. Ivanhoe agrees to sell the gallery to Graf for $350,000. Prepare the entry to record the purchase of Ivanhoe Galleries on Graf's books. (Credit account titles are automatically indented win 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 Question 1 of 5 Ivanhoe agrees to sell the gallery to Graf for $350,000. -/1 Prepare the entry to record the purchase of Ivanhoe Galleries on Graf'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) Account Titles and Explanation eTextbook and Media List of Accounts Debit Credit Question 1 of 5 Current Attempt in Progress -/1 E Donald Graf, owner of Graf Interiors, is negotiating for the purchase of Ivanhoe Galleries. The following statement of financial position of Ivanhoe is given in an abbreviated form. Ivanhoe Gallaries Statement of Financial Position As of December 31, 2022 Assets Liabilities and Stockholders' Equity Buildings (net) Equipment (net) $200,900 Share capital-ordinary $211,000 175,900 Retained earnings 21,900 $232,900 Copyrights (net) 30,900 Accounts payable 50,100 Land 70,900 Long-term notes payable 309.600 Cash 114,000 Total liabilities 359,700 Total assets $592,600 Total equity and liabilities $592,600 Graf and Ivanhoe agree that: 1 Land is undervalued by $30,000. 2 Equipment is overvalued by $5,000. Ivanhoe agrees to sell the gallery to Graf for $350,000. Prepare the entry to record the purchase of Ivanhoe Galleries on Graf's books. (Credit account titles are automatically indented win 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 Question 1 of 5 Ivanhoe agrees to sell the gallery to Graf for $350,000. -/1 Prepare the entry to record the purchase of Ivanhoe Galleries on Graf'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) Account Titles and Explanation eTextbook and Media List of Accounts Debit Credit