MPW Corp. owned some land that they planned to use in the future. They had...
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MPW Corp. owned some land that they planned to use in the future. They had paid $500,000 for it. Plans changed and they sold it for $650,000. MPW Corp. had a mortgage of $200,000 on it that they paid off with the sale. What effect does this sale have on MPWs (1) assets, (2) liabilities and (3) stockholders equity?
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