Question: A vacant lot acquired for $ 3 4 8 , 5 0 0 is sold for $ 6 7 2 , 5 0 0 in

A vacant lot acquired for $348,500 is sold for $672,500 in cash. What is the effect of the sale on the total amount of the seller's (1) assets, (2) liabilities, and (3) stockholders' equity?

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