Question: A vacant lot acquired for $150,000, on which there is a balance owed of $80,000, is sold for $290,000 in cash. The seller pays the

A vacant lot acquired for $150,000, on which there is a balance owed of $80,000, is sold for $290,000 in cash. The seller pays the $80,000 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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