Pharoah Gallaries Balance Sheet As of December 31, 2020 Assets Liabilities and Stockholders' Equity Cash $105,000 Accounts payable $50,700 Land 70,000 Notes payable (long-term) 301,700 Buildings (net) 200,000 Total liabilities 352,400 Equipment (net) 175,000 Common stock $203,000 Copyrights (net) 30,000 Retained earnings 24,600 227,600 Total assets $580,000 Total liabilities and stockholders' equity $580,000 Moss and Pharoah agree that: 1. Land is undervalued by $30,000. 2. Equipment is overvalued by $5,000. 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 O for the amounts.) Account Titles and Explanation Debit Credit