Cash $108,000 Accounts payable $51,500 Land 70,300 Notes payable (long-term) 300,900 Buildings (net) 200,300 Total liabilities 352,400 Equipment (net) 175,300 Common stock $210,000 Copyrights (net) 30,300 Retained earnings 21,800 231,800 Total assets $584,200 Total liabilities and stockholders’ equity $584,200 Moss and Carla Vista agree that: 1. Land is undervalued by $30,000. 2. Equipment is overvalued by $5,000. Carla Vista agrees to sell the gallery to Moss for $350,000. Prepare the entry to record the purchase of Carla Vista Galleries on Moss’s books.