Effect of Transactions on Accounting Equation a. A vacant lot acquired for $255,000 is sold for $492,000 in cash. What is the effect of the sale 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 '0' in the amount box. 1. Total Assets Effect Amount 2. Total Liabilities 4. Owner's Equity b. Assume that the seller owes $71,500 on a loan for the land. After receiving the $492,000 cash in (a), the seller pays the $71,500 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 '0' 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?

Effect of Transactions on Accounting Equation a. A vacant lot acquired for \\( \\$ 255,000 \\) is sold for \\( \\$ 492,000 \\) in cash. What is the effect of the sale on the total amount of the seiler'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. b. Assume that the seller owes \\( \\$ 71,500 \\) on a loan for the land. After recelving the \\( \\$ 492,000 \\) cash in (a), the selier psys the \\( \\$ 71,500 \\) owed. What is the effect of the payment on the total amount of the seller's (1) assets, (2) fiabilities, and (3) owner's equity? If there is no change, select 'No change' from the dropdown and then enter a ' 0 ' in the amount box. c. Is it true that a transaction always affects at least two elements (Assets, Liabilities, or Owner's Equity) of the accounting equation? Effect of Transactions on Accounting Equation a. A vacant lot acquired for \\( \\$ 255,000 \\) is sold for \\( \\$ 492,000 \\) in cash. What is the effect of the sale on the total amount of the seller's (1) assets, (2) liabilit owner's equity? If there is no change, select 'No change' from the dropdown and then enter a ' 0 ' in the amount box. b. Assume that the seller owes \\( \\$ 71,500 \\) on a loan for the land. After receiving the \\( \\$ 492,000 \\) cash in (a), the seller pays the \\( \\$ 71,500 \\) owed. What is 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 a ' 0 ' in the amount box. c. Is it true that a transaction always affects at least two elements (Assets, Liabilities, or Owner's Equity) of the accounting equation