Donald Moss, owner of Moss Interiors, is negotiating for the purchase of Ivanhoe Galleries. The balance sheet of Ivanhoe is given in an abbreviated form below. Assets Cash Land Buildings (net) Equipment (net) Copyrights (net) Total assets Ivanhoe Gallaries Balance Sheet As of December 31, 2020 Liabilities and Stockholders' Equity Accounts payable Notes payable (long-term) Total liabilities Common stock Retained earnings Total liabilities and stockholders' equity $114,000 70,900 200,900 175,900 30,900 $592,600 $50,100 309,600 359,700 $211,000 21,900 232,900 $592,600 Moss and Ivanhoe agree that: 1. Land is undervalued by $30,000. 2. Equipment is overvalued by $5,000. Ivanhoe agrees to sell the gallery to Moss for $350,000. Prepare the entry to record the purchase of Ivanhoe 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.) Prepare the entry to record the purchase of Ivanhoe 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.) Account Titles and Explanation Debit Credit