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Effect of Transactions on Accounting Equation a. A vacant lot acquired for $115,000 is sold...

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Accounting

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Effect of Transactions on Accounting Equation a. A vacant lot acquired for $115,000 is sold for 5298,000 in cash. What is the effect of the wale on the total amount of the selier's (1) assets, (2) liabailies, and (3) owrier's equity? if there is no change, select 'Wo change' from the dropdown and then enter a "0" in the ampunt box. b. Assume that the selier owes $80,000 on a loan for the fand. After receiving the $298,000 cash in (a), the selier parys the $90,000 owed. What is the effect of the payment on the total amount of the selier's (1) aisets, (2) liabilities, and (3) owner's equity? If there is no change, select 'No change' from the dropdown and then enter a " 0 " in the amount box. c. Is is true that a transaction alwavs affects at least twe elements (Asiets, Hab ities, or Owner's Equity) of the accounting equation

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