paul moss, owner of moss interiors, is negotiating for the purchase of crane galleries. the balance sheet of crane is given in an abbreviated form below. assets cash land buildings (net) equipment (net) copyrights (net) total assets $112,000 70,700 200,700 175.700 30,700 $589.800 crane gallaries balance sheet as of december 31, 2020 liabilities and stockholders' equity accounts payable notes payable (long-term) total liabilities common stock retained earnings total liabilities and stockholders' equity $50.300 299.800 350,100 $201.400 38,300 239,700 $589,800 moss and crane agree that: land is undervalued by $30.000. 2. equipment is overvalued by $5.000 crane agrees to sell the gallery to moss for $350,000.
