11. Short Answer (5 points): Goodwill Gary 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. Assets Cash Land Buildings (net) Equipment (net) Copyrights (net) Total assets Cullumber Gallaries Balance Sheet, December 31, 2020 Liabilities and Stockholders' Equity 124,000 Accounts payable 49,000 71,000 301,000 Notes payable (long-term) 200,000 Total liabilities 350,000 176,000 Common stock 232,000 31,000 Retained earnings 20,000 602,000 Total liabilities and equity 602,000 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. Instructions: Prepare the entry to record the purchase of Cullumber Galleries on Moss's books