correct the red answers

Exercise 12-11 ? Your answer is partially correct. Try again Fred Moss, owner of Moss Interiors, is negotiating for the purchase of Cullumber Galleries. The balance sheet of Cullumber is given in an abbreviated form belovw CULLUMBER GALLERIES BALANCE SHEET AS OF DECEMBER 31, 2017 Assets $102,000 69,700 199,700 Liabilities and Stockholders' Equity Accounts payable Notes payable (long-term) Cash Land Buildings (net) Equipment (net)174,700 Copyrights (net) Total assets $50,400 300,100 350,500 Total liabilities Common stock Retained earnings Total liabilities and stockholders' equity $201,300 29,700 24,000 225,300 $575,800 $575,800 Moss and Cullumber agree that: 1. Land is undervalued by $37,100 2. Equipment is overvalued by $4,800 Cullumber agrees to sell the gallery to Moss for $380,000 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 0 for the amounts.)