Business, 25.11.2019 22:31 zurfluhe

Cash $109,000 accounts payable $50,700 land 70,400 notes payable (long-term) 301,700 buildings (net) 200,400 total liabilities 352,400 equipment (net) 175,400 common stock $212,000 copyrights (net) 30,400 retained earnings 21,200 233,200 total assets $585,600 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.

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Cash $109,000 accounts payable $50,700 land 70,400 notes payable (long-term) 301,700 buildings (net)...

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