Fred Moss, owner of Whispering Winds Interiors Inc., is negotiating for the purchase of Ayayai Galleries Ltd. The condensed statement of financial position of Ayayai follows in an abbreviated form: Assets Cash Land Building (net) Equipment (net) Copyright (net) Total assets $92,300 352,000 444.300 AYAYAI GALLERIES LTD. Statement of Financial Position As at December 31, 2020 Liabilities and Shareholders' Equity $132,900 Accounts payable 69,600 Long-term notes payable 244,000 Total liabilities 185,300 Common shares 97,700 Retained earnings Total liabilities and shareholders' $729,500 equity $214,000 71,200 285,200 $729,500 Whispering Winds and Ayayai agree that the land is undervalued by $40,600 and the business equipment is overvalued by $11,200. Ayayai agrees to sell the business to Whispering Winds for $383,000. Prepare the entry to record the purchase of the business's net assets on Whispering Winds's books. (Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Account Titles and Explanation Debit Credit Date Dec. 31, 2020