William Moss, owner of Moss Interiors, is negotiating for the purchase of Oriole Galleries. The balance sheet of Oriole is given in an abbreviated form below.

Oriole Gallaries Balance Sheet As of December 31, 2020 Assets Liabilities and Stockholders Equity Cash $104,000 Accounts payable $50,300 Land 69,900 Notes payable (long-term) 303,000 Buildings (net) 199,900 Total liabilities 353,300 Equipment (net) 174,900 Common stock $200,000 Copyrights (net) 29,900 Retained earnings 25,300 225,300 Total assets $578,600 Total liabilities and stockholders equity $578,600

Moss and Oriole agree that:

1. Land is undervalued by $30,000.

2. Equipment is overvalued by $5,000.

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

Prepare the entry to record the purchase of Oriole Galleries on Mosss 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 Debit Credit enter an account titl