Fred Graf, owner of Graf Interiors, is negotiating for the purchase of Terrell Galleries. The balance sheet of Terrell is given in an abbreviated form below. TERRELL GALLERIES BALANCE SHEET AS OF DECEMBER 31, 2012 Assets Cash $100,000 Land 70,000 Building (net) 200,000 Equipment (net) 175,000 Copyright (net) 30,000 Total Assets= 575,000 Liabilities and Stockholders Equity Accounts payable 50,000 Long-term notes payable 300,000 Total Liabilities 350,000 Common Stock 200,000 Retained Earnings 25,000 225,000 Total Liabilities and Stockholders' equity 575,000 Graf and Terrell agree that: 1. Land is undervalued by $50,000. 2. Equipment is overvalued by $5,000. Terrell agrees to sell the gallery to Graf for $380,000. Instructions Prepare the entry to record the purchase of Terrell Galleries on Grafs books, Each asset & liability must be stated separately