Julie Becks, owner of Becks Interior Design, is currently negotiating for the purchase of Lavender Galleries. Lavender's current balance sheet reflects the following balances:

Lavender Galleries

Balance Sheet

December 31, 2018

AssetsLiabilities and Stockholders' Equity

Cash$100,000Accounts payable$50,000

Land70,000Notes payable (long-term)300,000

Buildings (net)200,000Total Liabilities350,000

Equipment (net)175,000Common Stock$200,000

Copyrights (net)30,000Retained Earnings25,000

Total Assets$575,000Total Liab. and Equity$575,000

Becks agrees with Lavender that the land is currently undervalued by $30,000 and the equipment is overvalued by $5,000.

How do you record the purchase on Becks books if the sale price of the company is $350,000?