*Exercise 12-11 Fred Moss, owner of Moss Interiors, is negotiating for the purchase of Carla Vista Galleries. The balance sheet of Carla Vista is given in an abbreviated form below. Assets Cash Land Buildings (net) Equipment (net) Copyrights (net) Total assets $108,000 70,300 200,300 175,300 30,300 CARLA VISTA GALLERIES BALANCE SHEET AS OF DECEMBER 31, 2017 Liabilities and Stockholders' Equity Accounts payable Notes payable (long-term) Total liabilities Common stock Retained earnings Total liabilities and stockholders' equity $51,500 300,900 352,400 $230,300 1,500 231,800 $584,200 $584,200 Moss and Carla Vista agree that: 1. Land is undervalued by $32,900. 2. Equipment is overvalued by $5,000. Carla Vista agrees to sell the gallery to Moss for $379,400. Prepare the entry to record the purchase of Carla Vista 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 " Entry" for the account titles and enter o for the amounts.) Account Titles and Explanation Debit Credit