3. Burr Publishers purchased a building on March 20, 20x1, for $160,000. Other amounts related to this purchase are as follows: Price listed by seller on Jan. 1, 20x1, $180,000 Burr Publishers' initial offer to buy on Jan. 31, 20x1, $140,000 Purchase price on Mar. 20, 20x1, $160,000 Estimated selling price on Dec. 31, 20x3, $220,000 Assessed value for property taxes, Dec. 31, 20X3, $190,000 Which amount related to this purchase should be recorded in the accounting records? a. 220,000 b. 180,000 c. 140,000 d. 160,000 Transactions Cross Country Delivery Service is owned and operated by Pedro Gonzalez. The following selected transactions were completed by Cross Country Delivery Service during May: Indicate the effect of each transaction on the accounting equation elements (Assets, Liabilities, Owner's Equity). Also indicate the specific item within the accounting equation element that is affected. To illustrate, the answer to (1) follows: (1) Asset (Cash) Increases by $25,050; Owner's Equity (Pedro Gonzalez, Capital) increases by $25,050. Element Item Direction 1. Received cash from owner as additional Investment, $25,050. Asset Owner's Equity Cash Pedro Gonzalez, Capital Increases Increases 2. Paid advertising expense, S6,750. 3. Purchased supplies on account, $2,920. 4. Billed customers for delivery services on account, $20.460. 5. Received cash from customers on account, $11.410