Exercise 12-11 Fred Moss, owner of Moss Interiors, is negotiating for the purchase of Oriole Galleries. The balance sheet of Oriole is given in an abbreviated form below. ORIOLE GALLERIES BALANCE SHEET AS OF DECEMBER 31, 2017 Assets Liabilities and Stockholders' Equity $104,000 $50,300 303,000 353,300 Cash Land Buildings (net) Equipment (net) Copyrights (net) Total assets Accounts payable 69,900 Ntes payable (long-term) 199,900 174,900 29,900 Total liabilities Common stock Retained earnings Total liabilities and stockholders' equity $241,300 16,000 225,300 $578,600 $578,600 Moss and Oriole agree that: 1. Land is undervalued by $30,700 2. Equipment is overvalued by $5,000 Oriole agrees to sell the gallery to Moss for $380,400 Prepare the entry to record the purchase of Oriole Galleries on Moss's books. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.)