I need an answer for this. I would like the explanation if possible, for the steps.

Fred Moss, owner of Moss Interiors, is negotiating for the purchase of Blossom Galleries. The balance sheet of Blossom is given in an abbreviated form below. Assets Cash Land Buildings (net) Equipment (net) Copyrights (net) Total assets BLOSSOM GALLERIES BALANCE SHEET AS OF DECEMBER 31, 2017 Liabilities and Stockholders' Equity Accounts payable Notes payable (long-term) Total liabilities Common stock Retained earnings Total liabilities and stockholders' equity $111,000 70,600 200,600 175,600 30,600 $588,400 $50,800 301,200 352,000 $206,600 29,800 236,400 $588,400 Moss and Blossom agree that: 1. Land is undervalued by $31,400. 2. Equipment is overvalued by $4,600. Blossom agrees to sell the gallery to Moss for $379,000. Prepare the entry to record the purchase of Blossom Galleries on Moss's books. (Credit account titles are automatically indented when amount is entere Account Titles and Explanation Debit Credit