Accounting Equation Inspirational Inc. is a motivational consulting business. At the end of its accounting period, December 31, 2017, Inspirational has assets of $596,150 and liabilities of $188,380. Using the accounting equation and considering each case independently, determine the following amounts. a. Stockholders' equity as of December 31, 2017. b. Stockholders' equity as of December 31, 2018, assuming that assets increased by $94,190 and liabilities increased by $56,630 during 2018. C. Stockholders' equity as of December 31, 2018, assuming that assets decreased by $47,100 and liabilities increased by $16,690 during 2018. d. Stockholders' equity as of December 31, 2018, assuming that assets increased by $78,690 and liabilities decreased by $29,810 during 2018. 0001 e. Net income (or net loss) during 2018, assuming that as of December 31, 2018, assets were $751,150, liabilities were $122,210, and no additional capital stock was issued or dividends paid. Effect of Transactions on Accounting Equation 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 'No change from the dropdown and then enter a "0" in the amount box. Effect Amount 1. 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 '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 1. Total assets 2. Total liabilities $ 3. Stockholders' equity c. Is it true that a transaction always affects at least two elements (Assets, Liabilities, or Stockholders' Equity) of the accounting equation