Common Stock, Income Tax Payable, Service Revenue Interest Payable, Income Tax Expense, Wages Payable Advertising Expense, Selling Expense, Interest Expense Dividends, Interest Expense, Depreciation Expense Question 28 of 30 On January 1, OConner LLC borrowed $60,000 from America First National Bank by signing a 4 month, 148 note payable. What is the effect on the accounting equation for o'Conner LL.C? Assets increase by $60,000, Liabilities increase by $60,000 Assets increase by $60,000, Liabilaties Decrease by $60,000 Assets Decrease by $60,000, Labilities Decrease by $60,000 Assets Decrease by $60,000, Liabilities increase by $60,000