Land, originally purchased for $ 2 5 , 0 6 9 , is sold for $ 7
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Question:
Land, originally purchased for $ is sold for $ in cash. What is the effect of the sale on the accounting equation?
a assets increase by $; liabilities decrease by $; owner's equity increases by $
b assets increase by $; no change in liabilities; owner's equity increases by $
c assets increase by $; owner's equity increases by $
d assets increase by $; owner's equity increases by $
Related Book For
Foundations of Finance The Logic and Practice of Financial Management
ISBN: 978-0132994873
8th edition
Authors: Arthur J. Keown, John D. Martin, J. William Petty
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