EdwardMoss, owner of Moss Interiors, is negotiating for the purchase ofSunlandGalleries. The balance sheet ofSunlandis given in an abbreviated form below.

Assets

Cash 118,000

Land 71,300

Building (net) $201,300

Equipment (net) $176,300

Copyright (net) $31,300

total assets $598,200

Liabilities and Stockholder equity

Accounts payable $51,000

Notes payable (long term) $303,300

Total liabilities $354,300

Common stock $210,900

retained earnings $33,000

Total liability and stockholder equity $598200

Moss andSunlandagree that:

1.Land is undervalued by $30,000.

2.Equipment is overvalued by $5,000.

Sunlandagrees to sell the gallery to Moss for $350,000.

Prepare the entry to record the purchase ofSunlandGalleries on Moss's books.If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.