Question: Millstone Consulting Services acquired land 8 years ago for $100,000. Millstone recently signed an agreement to sell the land for $375,000. In accordance with the

Millstone Consulting Services acquired land 8 years ago for $100,000. Millstone recently signed an agreement to sell the land for $375,000. In accordance with the sales agreement, the buyer transferred $375,000 to Millstone’s bank account on February 19.
How would elements of the accounting equation be affected by the sale?

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