Question 8 Fred Moss, owner of Moss Interiors, is negotiating for the purchase of Zweifel Galleries. The balance sheet of Zweifel is given in an abbreviated form below. Zweifel Gallaries Balance Sheet As of December 31, 2020 Liabilities and Stockholders' Equity Assets Cash $50,000 300,000 $100,000 Accounts payable Land Notes payable (long-term) 70,000 Buildings (net) Total liabilities 200,000 350,000 Equipment (net) Common stock $200,000 175,000 30,000 Retained earnings Copyrights (net) 25,000 225,000 Total liabilities and stockholders' equity $575,000 Total assets $575,000 Moss and Zweifel agree that: 1. Land is undervalued by $30,000. 2. Equipment is overvalued by $5,000. Zweifel agrees to sell the gallery to Moss for $350,000. Prepare the entry to record the purchase of Zweifel 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 0 for the amounts.) Account Titles and Explanation Credit Debit enter a debit amount enter a credit amount enter an account title enter a credit amount enter a debit amount enter an account title enter a debit amount enter a credit amount enter an account title enter a credit amount enter a debit amount enter an account title enter a debit amount enter a credit amount enter an account title enter a debit amount enter a credit amount enter an account title enter an account title enter a credit amount enter a debit amount enter a debit amount enter an account title enter a credit amount enter a debit amount enter a credit amount enter an account title