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Austin Land Company sold land for $61,420 in cash. The land was originally purchased for...

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Accounting

Austin Land Company sold land for $61,420 in cash. The land was originally purchased for $34,560. At the time of the sale, $12,330 was still owed to Regions
Bank. After the sale, Austin Land Company paid off the loan. Explain the effect of the sale and the payoff of the loan on the accounting equation. Enter all dollar
amounts as positive numbers.
Total assets
Total liabilities
Stockholders' equity
: $
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