Wildhorse agrees to sell the gallery to Moss for $350,000.

Kevin Moss, owner of Moss Interiors, is negotiating for the purchase of Wildhorse Galleries. The balance sheet of Wildhorse is given in an abbreviated form below. Wildhorse Gallaries Balance Sheet As of December 31, 2020 Assets Liabilities and Stockholders' Equity Cash $121,000 Accounts payable $49,800 Land 71,600 Notes payable (long-term) 307,100 201,600 Total liabilities 356,900 Buildings (net) Equipment (net) 176,600 Common stock $216,000 Copyrights (net) 31,600 Retained earnings 29,500 245,500 Total assets $602,400 Total liabilities and stockholders' equity $602,400 Moss and Wildhorse agree that: 1. Land is undervalued by $30,000. 2. Equipment is overvalued by $5,000. Prepare the entry to record the purchase of Wildhorse 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