7. The collection of cash from a cash sale would I A. increase assets and stockholders' equity. B. increase assets and decrease liabilities. C. decrease assets and increase net income. D. have no effect on net income or stockholders' equity. 8. A construction company paid $80,000 cash for equipment used in the business. At the time of purchase, the equipment had a list price of $90,000. When the balance sheet was prepared the value of the equipment was $83,000. At what amount should the equipment be recorded in the records of the company? A $80,000 B. $83,000 C. $85,000 D. $90,000