James 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.

Blossom Gallaries Balance Sheet As of December 31, 2020
Assets				Liabilities and Stockholders Equity
Cash		$100,000		Accounts payable				$49,500
Land		69,500		Notes payable (long-term)				299,500
Buildings (net)		199,500		Total liabilities				349,000
Equipment (net)		174,500		Common stock		$199,500
Copyrights (net)		29,500		Retained earnings		24,500		224,000
Total assets		$573,000		Total liabilities and stockholders equity				$573,000

Moss and Blossom agree that:

1.		Land is undervalued by $30,000.
2.		Equipment is overvalued by $5,000.

Blossom agrees to sell the gallery to Moss for $350,000. Prepare the entry to record the purchase of Blossom Galleries on Mosss books.