+ Ch 12: Homework PDR Question 14 of 25 -/1 View Policies Current Attempt in Progress David Moss, owner of Moss Interiors, is negotiating for the purchase of Pharoah Galleries. The balance sheet of Pharoah is given in an abbreviated form below. Pharoah Gallaries Balance Sheet As of December 31, 2020 Liabilities and Stockholders' Equity Assets Cash $105,000 $50,700 Land 70,000 301,700 200,000 352,400 Buildings (net) Equipment (net) Copyrights (net) Accounts payable Notes payable (long-term) Total liabilities Common stock Retained earnings Total liabilities and stockholders' equity 175,000 $203,000 30,000 24,600 227,600 Total assets $580,000 $580,000 Moss and Pharoah agree that: 1. Land is undervalued by $30,000. Equipment is overvalued by $5,000. 2. Pharoah agrees to sell the gallery to Moss for $350,000. Prepare the entry to record the purchase of Pharoah 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.) + Ch 12: Homework PDR Question 14 of 25 -/1 Pharoan agrees to sell the gallery to Moss for $350,000. Prepare the entry to record the purchase of Pharoah Galleries on Moss's books. (Credit account titles are automatically indented whe 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