Fred Moss, owner of Moss Interiors, is negotiating for the purchase of Sandhill Galleries. The balance sheet of Sandhill is given in an abbreviated form below.

SANDHILL GALLERIES BALANCE SHEET AS OF DECEMBER 31, 2017
Assets				Liabilities and Stockholders Equity
Cash		$109,000		Accounts payable				$50,700
Land		70,400		Notes payable (long-term)				301,700
Buildings (net)		200,400		Total liabilities				352,400
Equipment (net)		175,400		Common stock		$230,600
Copyrights (net)		30,400		Retained earnings		2,600		233,200
Total assets		$585,600		Total liabilities and stockholders equity				$585,600

Moss and Sandhill agree that:

1.		Land is undervalued by $37,800.
2.		Equipment is overvalued by $4,900.

Sandhill agrees to sell the gallery to Moss for $381,500. Prepare the entry to record the purchase of Sandhill Galleries on Mosss books.