Austin Land Company sold land for $61,420 in cash. The land was originally purchased for $34,560....
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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 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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Effects on the Accounting Equation The sale of land and payoff of the loan will impact all three mai... View the full answer
Related Book For
Canadian Income Taxation Planning And Decision Making
ISBN: 9781259094330
17th Edition 2014-2015 Version
Authors: Joan Kitunen, William Buckwold
Posted Date:
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