Question

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

Cullumber Gallaries Balance Sheet As of December 31, 2020
Assets				Liabilities and Stockholders’ Equity
Cash		$124,000		Accounts payable				$50,900
Land		71,900		Notes payable (long-term)				301,900
Buildings (net)		201,900		Total liabilities				352,800
Equipment (net)		176,900		Common stock		$232,900
Copyrights (net)		31,900		Retained earnings		20,900		253,800
Total assets		$606,600		Total liabilities and stockholders’ equity				$606,600

Moss and Cullumber agree that:

1.		Land is undervalued by $30,000.
2.		Equipment is overvalued by $5,000.

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

Prepare the entry to record the purchase of Cullumber 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 0 for the amounts.)

Account Titles and Explanation	Debit	Credit
enter an account title	enter a debit amount	enter a credit amount
enter an account title	enter a debit amount	enter a credit amount
enter an account title	enter a debit amount	enter a credit amount
enter an account title	enter a debit amount	enter a credit amount
enter an account title	enter a debit amount	enter a credit amount
enter an account title	enter a debit amount	enter a credit amount
enter an account title	enter a debit amount	enter a credit amount
enter an account title	enter a debit amount	enter a credit amount
enter an account title	enter a debit amount	enter a credit amount