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

CULLUMBER GALLERIES BALANCE SHEET AS OF DECEMBER 31, 2017
Assets				Liabilities and Stockholders Equity
Cash		$102,000		Accounts payable				$50,400
Land		69,700		Notes payable (long-term)				300,100
Buildings (net)		199,700		Total liabilities				350,500
Equipment (net)		174,700		Common stock		$201,300
Copyrights (net)		29,700		Retained earnings		24,000		225,300
Total assets		$575,800		Total liabilities and stockholders equity				$575,800

Moss and Cullumber agree that:

1.		Land is undervalued by $37,100.
2.		Equipment is overvalued by $4,800.

Cullumber agrees to sell the gallery to Moss for $380,000. Prepare the entry to record the purchase of Cullumber Galleries on Mosss books.

Prepare the entry to record the purchase of Cullumber Galleries on Moss's books. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Account Titles and Explanation Land Debit Credit 106800 Buildings 199700 Equipment 169900 Copyrights 29700 Goodwill Accounts Payable 50400 Notes Payable 300100 Cash 380000