Question 5 of 8 0.85/1 Daniel 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. Blossom Gallaries Balance Sheet As of December 31, 2020 Assets Liabilities and Stockholders' Equity Cash $111.000 Accounts payable $50,800 Land 70,600 Notes payable (long-term) 301,200 Buildings (net) 200,600 Total liabilities 352,000 Equipment (net) 175,600 Common stock $206,600 Copyrights (net) 30,600 Retained earnings 29,800 236,400 Total assets $588,400 Total liabilities and stockholders' equity $588,400 Moss and Blossom agree that: 1 Land is undervalued by $30,000. Equipment is overvalued by $5,000. 2. Blossom agrees to sell the gallery to Moss for $350,000. Blossom agrees to sell the gallery to Moss for $350,000 Prepare the entry to record the purchase of Blossom 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 Goodwill 115800 Cash 111000 Land 102000 Buildings 200600 Equipment 171000 Copyrights 30600 Accounts Payable 50800 Notes Payable 301200 Cash 379000