Question #2 Julie Becks, owner of Becks Interior Design, is currently negotiating for the purchase of Lavender Galleries. Becks interior Design's current balance sheet reflects the following balances: Becks Interior Design Balance Sheet December 31,2018 Liabilities and Stockholders' Equity Assets $100,000 Accounts payable $50,000 Cash Notes payable (long-term) 300,000 Land 70,000 350,000 Buildings (net) 200,000 Total Liabilities $200,000 Equipment (net) 175,000 Common Stock Retained Earnings Copyrights (net) 25,000 30,000 $575,000 Total Liab. and Equity $575.000 Total Assets Becks agrees with Lavender that the land is currently undervalued by $30,000 and the equipment is overvalued by $5,000 What is the entry to record the purchase on Becks books if the sale price of the company is $350,000