Exercise 12 - 11 Fred Moss , owner of Moss Interiors, is negotiating for the purchase of Cullumber Galleries. Th Cullumber is given in an abbreviated form below. Assets Cash Land Buildings (net) Equipment (net) Copyrights (net) CULLUMBER GALLERIES BALANCE SHEET AS OF DECEMBER 31, 2017 Liabilities and Stockholders ' Equity Accounts payable Notes payable (long-term) Total liabilities $51,100 $ 113,000 70,800 200,800 (303, 000)/(354, 100) 175,800Common stock $ 235,300 30,8001,800 237,100 Retained earnings Total liabilities and stockholders' equity Total assets $ 591,200 \$591,200 Moss and Cullumber agree that : 1. Land is undervalued by \$47 . 2. Equipment is overvalued by \$5,300 .