Richard Moss, owner of Moss Interiors, is negotiating for the purchase of Sheridan Galleries. The balance sheet of Sheridan is given in an abbreviated form below. Assets Cash Land Sheridan Gallaries Balance Sheet As of December 31, 2020 Liabilities and Stockholders' Equity Accounts payable Notes payable (long-term) Total liabilities Common stock Retained earnings Total liabilities and stockholders' equity $50,100 307,200 357,300 $ 106,000 70,100 200,100 175, 100 30,100 $581,400 Buildings (net) Equipment (net) Copyrights (net) Total assets $203,700 20,400 224,100 $581,400 Moss and Sheridan agree that: 1. Land is undervalued by $30,000. Equipment is overvalued by $5,000. 2. Sheridan agrees to sell the gallery to Moss for $350,000. Prepare the entry to record the purchase of Sheridan 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 Ofor the amounts.) Prepare the entry to record the purchase of Sheridan 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