4 points A piece of equipment was purchased for $100,000 by putting 520,000 down and agreeing to pay the rest in one year. What would be the effect on total assets and total abilities on the balance sheet Assets increased by 580,000 and Liabilities increased by $80,000 Assets decreased by 580,000 and Liabilities increased by $80.000 Assets increased by $100,000 and Liabilities increased by $80.000 Assets increased by $80,000 and abilities decreased by 580.000 none of these