Exercise 12-11 Fred Moss, owner Moss Interiors, is negotiating for the purchase of Crane Galleries. The balance sheet of Crane is given in an abbreviated form below. CRANE GALLERIES BALANCE SHEET AS OF DECEMBER 31, 2017 Liabilities and Stockholders' Equity Assets Cash $101,000 Accounts payable $49,700 302,800 Land 69,600 Notes payable (long-term) Buildings (net) 199,600 Total liabilities 352,500 174,600 Common stock $208,900 Equipment (net) Retained earnings 13,000 Copyrights (net) 29,600 221,900 $574,400 Total liabilities and stockholders' equity $574,400 Total assets Moss and Crane agree that: 1. Land is undervalued by $31,100. 2. Equipment is overvalued by $5,100. Crane agrees to sell the gallery to Moss for $380,100. Prepare the entry to record the purchase of Crane Galleries on Moss's books. (Credit account titles are automatically indented when amount is entered. Do not indent manu 0 for the amounts.) Account Titles and Explanation Credit Debit Open Show Work Click if you would like to Show Work for this