a. A vacant lot acquired for $464,000 is sold for $395,500 in cash. What is the effect of the sale on the total amount of the seller's (1) assets, (2) liabilities, and (3) owner's equity? If there is no change, select 'No change from the dropdown and then enter a 'O' in the amount box. Effect Amount 1. Total Assets Increased $ 895,500 2. Total Liabilities Increased 464,000 3. Owner's Equity Decreased 431,500 a. A vacant lot acquired for $464,000 is sold for $895,500 in cash. What is the effect of the sale on the total amount of the seller's (1) assets, (2) liabilities, and (3) owner's equity? If there is no change, select 'No change from the dropdown and then enter a 'O' in the amount box. Effect Amount 1. Total Assets Increased $ 895,500 2. Total Liabilities Increased 464,000 3. Owner's Equity Decreased 431,500