Echo Company has assets of $610,000, labilitles of $255,000, and equity of $355,000. It buys office equipment on credit for $80,000. What would be the effects of this transaction on the accounting equation? Multiple Choice Assets increase by $80,000 and expenses increase by $80,000. o Assets increase by $80,000 and expenses decrease by $80,000. O Liabilities increase by $80,000 and expenses decrease by $80,000. Assets decrease by $80,000 and expenses decrease by $80,000