Amount Effect of Transactions on Accounting Equation a. A vacant lot acquired for $209,500 is sold for $404,500 in cash. What is the effect of the sale on the total amount of the seller's (1) asets, (2) labilities, 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 1. Total Assets Increased 2. Total Liabilities 4. Owner's Equity b. Assume that the seller owes $58,500 on a loan for the land. After receiving the $404,00 cash in (a), the seller pays the $58,500 owed. What is the effect of the payment 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 2. Total Liabilities 3. Owner's Equity c. Is it true that a transaction always affects at least two elements (Assets, Liabilities, or owner's Equity) of the accounting equation? Accounting Equation John Joos is the owner and operator of Go-For-It LLC, a motivational consulting business. At the end of its accounting period, December 31 2070, Go For It has suas of 1640,000 and liabilities of $154,000. Using the accounting equation determine the following amounts: a. Owner's cuity as of December 31, 2010. 486,000 b. Owner's equity as of December 31, 2019, assuming that assets increased by $122,000 and liabilities increased by $37,000 during 2019