Fred Moss, owner of Monty Interiors Inc., is negotiating for the purchase of Grouper Galleries Ltd. The condensed statement of financial position of Grouper follows in an abbreviated form: GROUPER GALLERIES LTD. Statement of Financial Position As at December 31, 2020 Assets Liabilities and Shareholders' Equity Cash $132,400 Accounts payable $ 91,500 Land 69,100 Long-term notes payable 354,000 Building (net) 245,000 Total liabilities 445,500 Equipment (net) 184,800 Common shares $213,000 Copyright (net) 98,300 Retained earnings 71,100 284,100 Total assets $729,600 Total liabilities and shareholders' equity $729,600 Monty and Grouper agree that the land is undervalued by $40,200 and the business equipment is overvalued by $11,300. Grouper agrees to sell the business to Monty for $384,000. Prepare the entry to record the purchase of the business's net assets on Monty's books. (Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit Dec. 31, 2020