O Effect of Transactions on Accounting Equation a A vacant lot acquired for 404 000 is sold for 779 500 in cash What is the

Question

O Effect of Transactions on Accounting Equation a A vacant lot acquired for 404 000 is sold for 779 500 in cash What is the effect of the sale on the total amount of the seller s 1 assets 2 liabilities and 3 stockholders equity If there is no change select No change from the dropdown and then enter a 0 in the amount box 1 Total Assets 2 Total Liabilities 3 1 Total Assets 2 Total Liabilities Effect Stockholders Equity b Assume that the seller owes 113 000 on a loan for the land After receiving the 779 500 cash in a the seller pays the 113 000 owed What is the effect of the payment on the total amount of the seller s 1 assets 2 liabilities and 3 stockholders equity If there is no change select No change from the dropdown and then enter a 0 in the amount box Consider only the payoff of the loan without considering the sale of the land Effect Increased No Change 3 Increased Decreased Decreased Amount Stockholders Equity c Is it true that a transaction always affects at least two elements Assets Liabilities or Stockholders Equity of the accounting equation No Change Amount

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