Calculator Land originally purchased for $30,000 is sold for $62,000 in cash. What is the effect of the sale on the accounting equation? O a. assets increase by $62,000; liabilities decrease by $30,000; owner's equity increases by $32,000 b. assets increase by $32,000; owner's equity increases by $32,000 Oc. assets increase by $30,000; no change in liabilities; owner's equity increases by $62,000 Od. assets increase by $62,000; owner's equity increases by $62,000