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Kevin Moss, owner of Moss Interiors, is negotiating for the purchase of Wildhorse Galleries. The following balance sheet of Wildhorse is given in an abbreviated
Kevin Moss, owner of Moss Interiors, is negotiating for the purchase of Wildhorse Galleries. The following balance sheet of Wildhorse is given in an abbreviated form as follows. Moss and Wildhorse agree that: 1. Land is undervalued by $28,000. 2. Equipment is overvalued by $4,000. Wildhorse agrees to sell the gallery to Moss for $315,000. Prepare the entry to record the purchase of Wildhorse 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 occount titles and enter ofor the amounts. List all debit entries before credit entries.) Account Titles and Explanation Debit Credit
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