E12.19 (Accounting for Goodwill) (LO 7) Fred Moss, owner of Medici Interiors Inc., is negotiating for the purchase of Athenian Galleries Ltd. The condensed statement of financial position of Athenian follows in an abbreviated form: Athenian Galleries Ltd. Statement of Financial Position As at December 31, 2020 Liabilities and Shareholders' Equity Assets $ 92,000 Cash $118,000 Accounts payable Long-term notes payable Land 70,000 351,000 244,000 Total liabilities Buildings (net) 443,000 Common shares 185,000 $200.000 Equipment (net) 98,000 Retained earnings 272.000 Copyright (net) 72.000 Total assets Total liabilities and shareholders' equity $715,000 $715,000 Medici and Athenian agree that the land is undervalued by $40,000 and the business equipment is overvalued by $12,000. Athenian agrees to sell the business to Medici for $382,000. Instructions Prepare the entry to record the purchase of the business's net assets on Medici's books