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Echo Company has assets of $$602,000,$ liabilities of $$251,000,$ and equity of $$351,000.$ It buys office equipment on credit for $$76,000.$ What would be the effects of this transaction on the accounting equation?

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Multiple Choice

Uabilities increase by $$76,000$ and oxprnses decrease by $$76,000.$

Assets decrease by $$76,000$ and expenses decrease by $$76,000.$

Assets increase by $$76,000$ and expenses decrease by $$76,000.$

Assets increase by $$76,000$ and liablities increase by $$76,000.$

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