E12-11 (L03) (Accounting for Goodwill) Fred Moss, owner of Moss Interiors, is negotiating for the wwwwwwwwwwwwwwwwwwww wwwwwwwwwww purchase of Zweifel Galler-ies. The following balance sheet of Zweifel is given in an abbreviated form as follows. Assets Cash $100,000 Land 70,000 Buildings (net) 200,000 Equipment (net) 175,000 Copyrights (net) 30,000 Total assets $575,000 ZWEIFEL GALLERIES BALANCE SHEET AS OF DECEMBER 31, 2017 Liabilities and Stockholders' Equity Accounts payable $ 50,000 Notes payable (long-term) 300,000 Total liabilities Common stock Retained earnings 350,000 $200,000 25,000 225,000 Total liabilities and stockholders' equity $575,000 Moss and Zweifel agree that: 1. Land is undervalued by $30,000. 2. Equipment is overvalued by $5,000. Zweifel agrees to sell the gallery to Moss for $350,000. Instructions: Prepare the entry to record the purchase of Zweifel Galleries on Moss's books. wwwwwww