a. A vacant lot acquired for $434,500 is sold for $838,500 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 'No change' from the dropdown and then enter a "0" in the amount box.

EffectAmount1.Total AssetsDecreasedIncreasedNo Change$fill in the blank 22.Total LiabilitiesDecreasedIncreasedNo Change$fill in the blank 43.Stockholders' EquityDecreasedIncreasedNo Change$fill in the blank 6

b. Assume that the seller owes $121,500 on a loan for the land. After receiving the $838,500 cash in (a), the seller pays the $121,500 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 '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.

EffectAmount1.Total AssetsDecreasedIncreasedNo Change$fill in the blank 82.Total LiabilitiesDecreasedIncreasedNo Change$fill in the blank 103.Stockholders' EquityDecreasedIncreasedNo Change$fill in the blank 12

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

YesNo