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Austin Land Company sold land for $58,880 in cash. The land was originally purchased for...

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Accounting

Austin Land Company sold land for $58,880 in cash. The land was originally purchased for $34,860. At the time of the sale, $12,280 was still owed to Regions Bank After the sale, Austin Land Company paid off the loan. a. Explain the effect of the sale on the accounting equation. If the effect is no change, then enter a "0" in amount box. Enter all dollar amounts as positive numbers. Total assets Total liabilities Owners' equity b. Explain the effect of the payoff of the loan on the accounting equation. If the effect is no change, then enter a "0" in amount box. Enter all dollar amounts as positive numbers. Total assets Total liabilities Owners' equity
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Austin Land Company sold land for $58,880 in cash. The land was originally purchased for $34,860. At the time of the sale, $12,280 was still owed to Regions Banh Ater the sale, Austin tand Company pald off the toan. a. Explain the effect of the sale on the accounting equation. If the effect is no change, then enter a " 0 * in amount box, Enter all doliar amounts as positive numbers b. Explain the effect of the payoff of the loan on the accounting equation, If the effect is no change, then enter a " 0 " in amount box. Enter all dollar amounts as: positive numbers

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