Kenneth Moss, owner of Moss Interiors, is negotiating for the purchase of Pharoah Galleries. The balance sheet of Pharoah is given in an abbreviated form below. Assets Cash $116.000 Land Pharoah Gallaries Balance Sheet As of December 31, 2020 Liabilities and Stockholders' Equity Accounts payable Notes payable (long-term) Total liabilities Common stock Retained earnings Total liabilities and stockholders' equity 71,100 $51,200 310,200 361,400 Buildings (net) Equipment (net) Copyrights (net) 201,100 176,100 31,100 $209,000 25,000 234,000 Total assets $595,400 $595,400 Moss and Pharoah agree that: 1. Land is undervalued by $30,000. Equipment is overvalued by $5,000. 2. Pharoah agrees to sell the gallery to Moss for $350,000. Prepare the entry to record the purchase of Pharoah 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 Ofor the amounts.) Pharoah agrees to sell the gallery to Moss for $350,000. Prepare the entry to record the purchase of Pharoah Galleries on Moss's books. (Credit account titles are automatically indented wher amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter Ofor the amounts.) Account Titles and Explanation Debit Credit