Sandhill Gallaries Balance Sheet As of December 31, 2020 Assets Liabilities and Stockholders' Equity Cash...
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Sandhill Gallaries Balance Sheet As of December 31, 2020 Assets Liabilities and Stockholders' Equity Cash $109,000 Accounts payable $50,700 Land Notes payable (long-term) 301,700 Buildings (net) Total liabilities 352,400 70,400 200,400 175,400 30,400 $585,600 Equipment (net) Copyrights (net) Total assets Common stock $212,000 21,200 233,200 Retained earnings Total liabilities and stockholders' equity $585,600 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 indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" Account Titles and Explanation Debit Credit
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