h 12: Homework Question 14 of 24 -11 Donald Moss, owner of Moss Interiors, is negotiating for the purchase of Ivanhoe Galleries. The balance sheet of Ivanhoe is giver an abbreviated form below. Assets Cash Ivanhoe Gallaries Balance Sheet As of December 31, 2020 Liabilities and Stockholders' Equity Accounts payable Notes payable (long-term) Total liabilities Common stock Retained earnings Total liabilities and stockholders' equity $114,000 70,900 200.900 175,900 30.900 $50, 100 309,600 359,700 Land Buildings (net) Equipment (net) Copyrights (net) Total assets $211,000 21,900 $592,600 232,900 $592,600 Moss and Ivanhoe agree that: 1. 2. Land is undervalued by $30,000. Equipment is overvalued by $5,000. Ivanhoe agrees to sell the gallery to Moss for $350,000 Prepare the entry to record the purchase of Ivanhoe 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 for the amounts)