Accord Corporation purchased land for $140,000 by making a cash payment of $24,000 and promising to pay the remaining amount in a later accounting period What is the net effect of this transaction on Accord?s accounting equation? A. assets increase by $140,000 and liabilities decrease by $116,000 B. assets and liabilities increase by $116,000 C. assets increase by $140,000 and liabilities decrease by $24,000 D. assets and equity increase by $116,000