Exercise 12-11 Fred Moss, owner of Moss Interlors, 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 Accounts payable Notes payable (long-term) Assets Cash Land Buildings (net) 200,700 Equipment (net) 175,700 Common stock Copyrights (net) 30,700 Retained earnings $112,000 70,700 $50,300 299,800 350,100 Total liabilities $201,400 38,300 239,700 Total assets $589,800 Total liabilities and stockholders Moss and Crane agree that 1. Land is undervalued by $41,900. $589,800 2. Equipment is overvalued by $5,000. Crane agrees to sell the gallery to Moss for $378,600. Prepare the entry to record the purchase of Crane Galleries on Moss's books. (Credit account titles are automatically indented when amount is enter Do not indent t manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Account Titles and Explanation Debit Credit