Effect of Transactions on Accounting Equation a. A vacant lot acquired for $232,500 is sold for $448,500 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. 1. Total Assets Effect Amount 2. Total Liabilities 3. Stockholders' Equity Decreased Increased b. Assume that the seller owes $65,000 No Change the land. After receiving the $448,500 cash in (a), the seller pays the $65,000 owed. What is the effect of the payment on the total amount of the selle (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 2. Total Liabilities 3. Stockholders' Equity c. Is it true that a transaction always affects at least two elements (Assets, Liabilities, or Stockholders' Equity) of the accounting equation?