Chris Moss, owner of Moss Interiors, is negotiating for the purchase of Wildhorse Galleries. The balance sheet of Wildhorse is given in an abbreviated form below.

*Exercise 12-11 Chris Moss, owner of Moss Interiors, is negotiating for the purchase of Wildhorse Galleries. The balance sheet of Wildhorse is given in an abbreviated form below. Wildhorse Gallaries Balance Sheet As of December 31, 2020 Liabilities and Stockholders' Equity Assets $51,000 Cash $110,000 Accounts payable Land Notes payable (long-term) 70,500 308,000 Buildings (net) Equipment (net) Total liabilities 200,500 359,000 Common stock $205,000 175,500 Retained earnings Copyrights (net) 30,500 23,000 228,000 $587,000 $587,000 Total assets Total liabilities and stockholders' equity Moss and Wildhorse agree that: 1. Land is undervalued by $30,000. 2. Equipment is overvalued by $5,000. Wildhorse agrees to sell the gallery to Moss for $350,000. Prepare the entry to record the purchase of Wildhorse Galleries on Moss's books. (Credit account titles are automatically indented when amount is entered. Do not indent manually Credit Account Titles and Explanation Debit