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Exercise 12-11 Robert Moss, owner of Moss Interiors, is negotiating for the purchase of Cullumber Galleries. The balance sheet of Cullumber is given in an abbreviated form below. Cullumber Gallaries Balance Sheet As of December 31, 2020 Assets Liabilities and Stockholders Equity Cash $102,000 Accounts payable $50,400 Land 69,700 Notes payable (long-term) 300,100 Buildings (net) 199,700 Total liabilities 350,500 Equipment (net) 174,700 Common stock $201,300 Copyrights 29,700 (net) Retained earnings 24,000 225,300 Total assets $575,800 Total liabilities and stockholders' $575,800 equity 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 $350,000. 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.) Account Titles and Explanation Credit Debit mm