Busy Beaver, Inc. signed a $315,000, 5-year note payable to buy a new $315,000 industrial veneer cutter. Busy Beaver paid $5,000 cash for transportation of the machine and $750 cash for installation costs. What is the overall effect of this transaction on the accounting equation? (Check all that apply) Read about this Your answer is almost correct. Total assets increase $309,250. Total liabilities increase $320,750 Machinery, an asset, increases $320,750. Also correct Total assets increase $315,000 Total liabilities increase $315,000 Machinery, an asset, increases $315,000