Current Attempt in Progress Matthew Moss, owner of Moss Interiors, is negotiating for the purchase of Crane Galleries. The balance sheet of Crane is given in an abbreviated form below. O 53:30 Hide Crane Gallaries Balance Sheet As of December 31, 2020 Assets Liabilities and Stockholders' Equity Cash $123,000 Accounts payable $51,200 Land 71,800 Notes payable (long-term) 301,200 Buildings (net) 201.800 Total liabilities 352,400 Equipment (net) 176,800 Common stock $218.300 Copyrights (net) 31,800 Retained earnings 34,500 252800 Total assets $605.200 Total liabilities and stockholders' equity $605,200 Moss and Crane agree that: 1. Land is undervalued by $30,000. 2 Equipment is overvalued by $5.000. Crane agrees to seli the gallery to Moss for $350,000. Prepare the entry to record the purchase of Crane 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 O for the amounts.) 2. Equioment is overvalued by $5,000. O $3:07 Crane agrees to sell the gallery to Moss for $350,000. Prepare the entry to record the purchase of Crane Galleries on Moss's books. (Credit account titles are automatically indented when amount is entered Do not indent manually f no entry is "No Entry for the account titles and enter O for the amounts) d select Account Titles and Explanation Debit Credit