Exercise 12-11 Fred Moss, owner of Moss Interiors, is negotiating for the purchase of Ivanhoe Galleries. The balance sheet of tvanhoe is given in an abbreviated form below. IVANHOE GALLERIES BALANCE SHEET AS OF DECEMBER 31, 2017 Liabilities and Stockholders Equity Accounts payable Notes payable (long-term) Assets $114,000 70,900 $50,100 309,600 359,700 Cash Land Buildings (net) 200,900 Equipment (net) 175,900Common stock Copyrights (net) 30.900Retained earnings Total assets $592,600 Total liabilities and stockholders equlty Moss and Ivanhoe agree that: Total liabilities $230,800 2100 232,900 $592,600 1. Land is undervalued by $43,100 2. Equipment is overvalued by $4,700. Ivanhoe agrees to sell the gallery to Moss for $378,500. Prepare the entry to record the purchase of Ivanhoe Galleries on Moss's books. (Credit account titles are automatically indented when amount is entered, Do not indent manuelly. If no entry is required, sefect "wo Entry' or the account titles and enter O for the amounts.) Account Titles and Explanation Debit Credit