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 Liabilities and Stockholders Equity Cash $100,000 Accounts payable $ 50,000 Land 70,000 Notes pay.-long term 300,000 Blgs 200,000 Total liabilities = 350,000 Equip 175,000 Common stock $200,000 Cpyrt 30,000 Retained earnings 25,000=225,000 Total Assets Total liabilities and Stockholders equity $575,000 $575,000 Graf and Terrell agree that: o 1. Land is undervalued by $50,000. o 2. Equipment is overvalued by $5,000. Terrell agrees to sell the gallery to Graf for $380,000. Prepare the entry to record the purchase of Terrell Galleries on Grafs books