eBookShow Me How Question Content Area Effect of Transactions on Accounting Equation a. A vacant lot acquired for $244,000 is sold for $471,000 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 Increased $fill in the blank 2 233,500 2. Total Liabilities No Change $fill in the blank 4 0 3. Stockholders' Equity Increased $fill in the blank 6 233,500 b. Assume that the seller owes $68,500 on a loan for the land. After receiving the $471,000 cash in (a), the seller pays the $68,500 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 Increased $fill in the blank 8 163,000 2. Total Liabilities Increased $fill in the blank 10 70,500 3. Stockholders' Equity Increased $fill in the blank 12 233,500 c. Is it true that a transaction always affects at least two elements (Assets, Liabilities, or Stockholders' Equity) of the accounting equation? No