Exercise 12-11 Fred Moss, owner of Moss Interiors, is negotiating for the purchase of Sunland Galleries. The balance sheet of Sunland is given in an abbreviated form below SUNLAND GALLERIES BALANCE SHEET AS OF DECEMBER 31, 2017 Assets Liabilities and Stockholders' Equity Cash Land Buildings (net) Equipment (net) Copyrights (net) Total assets $118,000Accounts payable $51,000 303,300 354,300 71,300 201,300 176,300 31,300 Notes payable (long-term) Total liabilities Common stock Retained earnings $210,900 33,000 243,900 $598,200 Toal labilities and stockholders' equity $598,200 Moss and Sunland agree that: 1. Land is undervalued by $42,600 2. Equipment is overvalued by $4,700 Sunland agrees to sell the gallery to Moss for $380,600 Prepare the entry to record the purchase of Sunland Galleries on Moss's books. (Credit account atically indented when amount is entered. Do not unts.) indent manually. If no entry is required, select "No Entry" for the account titles and ent Screenshot Account Titles and Explanation Debit Credit