PRI Exercise 12-11 Fred Moss, owner of Moss Interiors, is negotiating for the purchase of Blossom Galleries. The balance sheet of Blossom is given in an abbreviated form below. Assets Cash Land Buildings (net) Equipment (net) Copyrights (net) Total assets $100,000 69,500 199,500 174,500 29,500 $573,000 BLOSSOM GALLERIES BALANCE SHEET AS OF DECEMBER 31, 2017 Liabilities and Stockholders' Equity Accounts payable Notes payable (long-term) Total liabilities Common stock Retained earnings Total liabilities and stockholders' equity $49,500 299,500 349,000 $199,500 24,500 224,000 $573,000 Moss and Blossom agree that: 1. Land is undervalued by $30,000. 2. Equipment is overvalued by $4,500. Blossom agrees to sell the gallery to Moss for $378,000. Prepare the entry to record the purchase of Blossom Galleries on Moss's books. (Credit account titles are automatically indented when amount is ente no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) Debit Credit Account Titles and Explanation