A vacant lot acquired for 300 000 on which there is
A vacant lot acquired for $300,000, on which there is a balance owed of $120,000, is sold for $415,000 in cash. The seller pays the $120,000 owed. What is the effect of these transactions on the total amount of the seller’s
(1) Assets,
(2) Liabilities, and
(3) Stockholders’ equity?

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