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Effect of transactions on accounting equation a. A vacant lot acquired for $206,500 is sold...

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Accounting

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Effect of transactions on accounting equation a. A vacant lot acquired for $206,500 is sold for $398,500 in cash. What is the effect of the sale on the total amount of the seller's (2) assets. (2) liabilities, and (3) stockhoider'' equity? If there is no change, select 'No change' from the dropdown and then enter a "o" in the amount bax. b. Assume that the seller owes $58,000 on a toan for the tand. After recelving the $398,500 cash in (a), the seller pays the $58,000 owed. What is the effect of the payment on the total amount of the selier's (1) assets, (2) liabaities, and (3) stockholders' equity? If there is no change, select 'Wo change' from the dropdown and then enter a 0 in the amount box. Consider only the payoff of the loan, without considering the saie of the land: c. Is it true that a transaction always affects at ieast two eiements (Assets, Lisbilities, or stockholders' Equity) of the accounting equatian

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