JS IUI DIUIL CUIHILy College Help System Announcements Exercise 12-11 Fred Moss, owner of Moss Interiors, is negotiating for the purchase of Oriole Galleries. The balance sheet of Orlole is given in an abbreviated form below. Assets $50,300 Cash Land Buildings (net) Equipment (net) Copyrights (net) Total assets 303,009 ORIOLE 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 $104,000 69,900 199,900 174,900 29,900 $578,600 $241,300 16,000 225,300 5578,600 Moss and Oriole agree that: 1. Land is undervalued by $30,700. 2. Equipment is overvalued by $5,000. Oriole agrees to sell the gallery to Moss for $380,400. Prepare the entry to record the purchase of Oriole Galleries on Moss's books. (Credit account titles are automatically indented when amount is entered. Do not in entry is required, select "No Entry" for the account titles and enter o for the amounts.) Prepare the entry to record the purchase of Oriole Galleries on Moss's books. (Credit account titles are automatically indented when amount is en entry is required, select "No Entry" for the account titles and enter for the amounts.) Account Titles and Explanation Debit Credit on Show Work Click If you would like to show Work for this questions SHOW LIST OF ACCOUNTS