Fred Moss, owner of Novak Interiors Inc., is negotiating for the purchase of Flounder Galleries Ltd. The condensed statement of financial position of Flounder follows in an abbreviated form: Novak and Flounder agree that the land is undervalued by $40,600 and the business equipment is overvalued by $11,900. Flounder agrees to sell the business to Novak for $383,800. Prepare the entry to record the purchase of the business's net assets on Novak's books. (Credit account titles are automatically indented when the amount is entered. Do not indent manually.)