Thomas Moss, owner of Moss Interiors, is negotiating for the purchase of Sandhill Galleries. The balance sheet of Sandhill is g Assets Cash Land Sandhill Gallaries Balance Sheet As of December 31, 2020 Liabilities and Stockholders' Equity Accounts payable Notes payable long-term Total liabilities Common stock Retain Tota ies and stockholders' equity $109,000 70.400 200,400 175.400 30.400 $585.600 Buildings (net) Equipment (net) Copyrights (net) Total assets $50,700 301.700 352,400 $212,000 21,200 233,200 $585,600 500 Moss and Sandhill agree that: 1. Land is undervalued by $30,000. 2. Equipment is overvalued by $5,000. Sandhill agrees to sell the gallery to Moss for $350,000 Prepare the entry to record the purchase of Sandhill Galleries on Moss's books. (Credit account titles are automatically Account Titles and Explanation Debit Credit