Joseph Moss, owner of Moss Interiors, is negotiating for the purchase of Carla Vista Galleries. The balance sheet of Carla Vista is given in an abbreviated form below. Carla Vista Gallaries Balance Sheet As of December 31, 2020 Assets Liabilities and Stockholders' Equity Cash $108,000 Accounts payable $51,500 Land 70,300 Notes payable (long-term) 300,900 Buildings (net) 200.300 Total liabilities 352,400 Equipment inet) 175,300 Common stock $210,000 Copyrights (net) 30,300 Retained earnings 21,800 231,800 Total assets $584.200 Total liabilities and stockholders' equity $584,200 Moss and Carla Vista agree that: 1 2 Land is undervalued by $30,000. Equipment is overvalued by $5,000. Carla Vista agrees to sell the gallery to Moss for $350,000 Prepare the entry to record the purchase of Carla Vista 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:) Account Titles and Explanation Debit Credit 1. Land is undervalued by $30,000. 2. Equipment is overvalued by $5.000. Carla Vista agrees to sell the gallery to Moss for $350,000. Prepare the entry to record the purchase of Carla Vista 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) Account Titles and Explanation Debit Credit e Textbook and Media List of Accounts Submit Answer Attempts: 0 of 3 used Safor Later z