Exercise 12-11 John Moss, owner of Moss Interiors, is negotiating for the purchase of Crane Galleries. The balance sheet of Crane is given in an abbre Crane Gallaries Balance Sheet As of December 31, 2020 Liabilities and Stockholders' Equity Accounts payable Notes payable (long-term) Total liabilities Assets Cash Land $101,000 69,600 Buildings (net) 199,600 Equipment (net) 174,600 Common stock Copyrights (net) 29,600 Retained earnings Total assets $574,400 Total liabilities and stockholders' equity $49,700 302,800 352,500 $199,000 22,900 221,900 $574,400 Moss and Crane agree that: 1. Land is undervalued by $30,000. 2. Equipment is overvalued by $5,000. Crane agrees to sell the gallery to Moss for $350,000. Prepare the entry to record the purchase of Crane Galleries on Moss's books. (Credit account titles are automatically indented w select "No Entry" for the account titles and enter 0 for the amounts.) Account Titles and Explanation Debit Credit