Question 6 of 10 - / 0.5 E View Policies Current Attempt in Progress Brian Moss, owner of Moss Interiors, is negotiating for the purchase of Carla Vista Galleries. The balance sheet of Carla Vista is given in an abbreviated form below. Carla Vista Gallaries Balance Sheet As of December 31, 2020 Assets Liabilities and Stockholders' Equity Cash $119,000 Accounts payable $49,500 Land 71,400 Notes payable (long-term) 305,200 Buildings (net) 201.400 Total liabilities 354,700 Equipment (net) 176,400 Common stock $201,400 Copyrights (net) 31,400 Retained earnings 43,500 244,900 Total assets $599,600 Total liabilities and stockholders' equity $599,600 Moss and Carla Vista agree that: 1. Land is undervalued by $30,000. 2. Equipment is overvalued by $5,000. Carla Vista agrees to sell the gallery to Moss for $350,000. Prepare the entry to record the purchase of Carla Vista 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 for the amounts.)