Problem Set: Module Seven X CengageNOWv2 | Online teachin X *4-1+Assignment+Internal+Cont x - now.com/ilrn/takeAssignment/takeAssignmentMain.do?invoker=&takeAssignmentSessionLocator=&in... A to Effect of Transactions on Accounting Equation a. A vacant lot acquired for $393,500 is sold for $759,500 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? If there is no change, select 'No change' from the dropdown and then enter a "0" in the amount box. Effect Amount 1. Total Assets Increased 2. Total Liabilities No Change 3. Stockholders' Equity Increased b. Assume that the seller owes $110,000 on a loan for the land. After receiving the $759,500 cash in (a), the seller pays the $110,000 owed. What is the effect of the payment on the total amount of the seller's (1) assets, (2) liabilities, and (3) stockholders' equity? If there is no change, select 'No change' from the dropdown and then enter a '0' in the amount box. Consider only the payoff of the loan, without considering the sale of the land. Effect Amount 1. Total Assets Decreased 2. Total Liabilities Decreased 3. Stockholders' Equity No Change c. Is it true that a transaction always affects at least two elements (Assets, Liabilities, or Stockholders' Equity) of the accounting equation? No Feedback Check My Work a This activity involves selling land and receiving rach in exchange Check My Work Previous Next 8:57 PM O 1 a G 60OF cl 3/22/2022