The following selected events were experienced by either Smith Eldercare Services, Inc., a corporation, or Tony Smith, its major stockholder. (Click the icon to view the transactions.) Requirement 1. State whether each event (1) increased, (2) decreased, or (3) had no effect on the total assets of the business. Identify any specific asset affected State whether each event (1) increased, (2) decreased, or (3) had no effect on the total assets of the business. Identify any specific asset affected. If no effect, indicate the reason. Account affected or why assets are not affected Transaction Asset effect a. Paid $400 cash on accounts payable b. Made a cash purchase of land for a building site for the business, $89,000. c. Sold land and received cash of $69,000 (the land was carried on the company's books at $69,000) d.Received $15,400 cash from customers on account. e. Purchased medical equipment and signed a $90,000 promissory note in payment