Steven 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 Sheridan Gallarles Balance Sheet As of December 31, 2020 Liabilities and Stockholders' Equity Accounts payable Notes payable (long term Cash $117.000 $49,900 Land 71.200 302.300 201.200 Total liabilities 352.200 176.200 $209.700 Buildings (net) Equipment (net) Copyrights (net) Total assets 31.200 Common stock Retained earnings Total liabilities and stockholders equity 34,900 244.600 $596,800 5596,800 Moss and Sheridan agree that 1 Land laundervalued by 530.000 Eaupment is overvalled by $5.000 2 Shuano to the gry to Mons for 5350.000 Proin the entry to record the purchase of Sheridan Galleries on Mossbooks(Credit countries are outomatically indented when amount is entered. Do not indentinoruly reentry is require select "No Entry for the account titles and enter for the amount 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 for the amounts.) Account Titles and Explanation Debit Credit cash 117000 land- Buildings 201200 Equipment Copyright 31200 Goodwill Accounts Payable 49900 No Payable 302300 C