Electrodo Co$.$ purchased land for $$55,000$ with $$20,000$ paid in cash and $$35,000$ in notes payable. What effect does this transaction have on the accounts under the accrual basis of accounting?

a$.$ Net increase in assets and liabilities of $$55,000$

b$.$ Net increase in assets of $$35,000$ and a net increase in liabilities of $$35,000$

c$.$ Net increase in assets of $$55,000$ and a net decrease in liabilities of $$35,000$

d$.$ Net increase in assets of $$75,000$ and a net decrease in liabilities of $$30,000$

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