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. Sandhill Gallaries Balance Sheet As of December 31, 2020 Assets Liabilities and Stockholders' Equity Cash $120,000 Accounts payable $51,100 Land Notes payable (long-term) 302,800 Total liabilities 353,900 Buildings (net) Equipment (net) Copyrights (net) 71,500 201,500 176,500 31,500 $601,000 Common stock $225.900 Retained earnings 21,200 247,100 Total assets Total liabilities and stockholders' equity 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 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 Titles and Explanation Debit Credit Attempts of 10 used