a. A vacant lot acquired for \($150,000\) is sold for \($290,000\) in cash. What is the effect of the sale on the total amount of the seller's (1) assets, (2) liabilities, and (3) stock- holders' equity (retained earnings)?

b. Assume that the seller owes \($80,000\) on a loan for the land. After receiving the \($290,000\) cash in (a), the seller pays the \($80,000\) owed. What is the effect of the payment on the total amount of the seller's (1) assets, (2) liabilities, and (3) stock- holders' equity (retained earnings)?