a$.$ A vacant lot acquired for $$115,000$ is sold for $$298,000$ in cash. What is the effect of the sale on the total amount of the seller's $(1)$ assets, $(2)$ liabilities, and $(3)$ stockholders' equity? If there is no change, select $\text{'}$No change' from the dropdown and then enter a $"0"$ in the amount box.

Effect

Amount

Total assets $2.$ Total liabilities $3.$ Stockholders equity

b$.$ Assume that the seller owes $$80,000$ on a loan for the land. After receiving the $$298,000$ 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 $(3)$ stockholders' equity? If there is no change, select $\text{'}$No change' from the dropdown and then enter a $"0"$ in the amount box. Consider only the payoff of the loan, without considering the sale of the land.

Effect

Amount

Total assets

Total liabilities

Stockholders' equity

c$.$ Is it true that a transaction always affects at least two elements $($Assets$,$ Liabilities, or Stockholders' Equity$)$ of the accounting equation?