Question: please help! ill like if correct! a. A vacant lot acquired for $297,500 is sold for $574,000 in cash. What is the effect of the
a. A vacant lot acquired for $297,500 is sold for $574,000 in cash. What is the effect of the sale on the total amount of the seller's (1) assets, (2) llabilities, and (3) stodcholders' equity? If there is no change, select 'No change' from the dropdown and then enter a " 0 " in the amount box. b. Assume that the seller owes $83,500 on a loan for the land. Atter receiving the $574,000 cash in (a), the seller parys the 583,500 owed. What is the effect of the payment on the total amount of the selier's (1) assets, (2) tiabilities, and (3) stockhoiders' equity? If there is no change, select 'No change' from the dropdown and enter a : O ' in the amount box, Consider only the payoff of the loan, without considering the sale of the fand. c. Is it true that a transaction always affects at least two elements (Assets, Lablities, or Stockholders' Equaty) of the accounting equation
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