Mark Moss, owner of Moss Interiors, is negotiating for the purchase of CullumberGalleries. The balance sheet of Cullumber is given in an abbreviated form below.

Cullumber Gallaries Balance Sheet As of December 31, 2020
Assets				Liabilities and Stockholders Equity
Cash		$113,000		Accounts payable				$51,100
Land		70,800		Notes payable (long-term)				303,000
Buildings (net)		200,800		Total liabilities				354,100
Equipment (net)		175,800		Common stock		$210,000
Copyrights (net)		30,800		Retained earnings		27,100		237,100
Total assets		$591,200		Total liabilities and stockholders equity				$591,200

Moss and Cullumber agree that:

1.		Land is undervalued by $30,000.
2.		Equipment is overvalued by $5,000.

Cullumber agrees to sell the gallery to Moss for $350,000.

Prepare the entry to record the purchase of Cullumber Galleries on Mosss books.