Effect of Transactions on Accounting Equation a. A vacant lot acquired for $470,000 is sold for $907,000 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. 1. Total Assets Effect Amount 2. Total Liabilities 3. Stockholders' Equity b. Assume that the seller owes $131,500 on a loan for the land. After receiving the $907,000 cash in (a), the seller pays the $131,500 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 them enter a '0' in the amount box. Consider only the payoff of the loan, without considering the sale of the land. 1. Total Assets 2. Total Liabilities 3. Stockholders' Equity Effect Amount Is it true that a transaction always affects at least two elements (Assets, Liabilities, or Stockholders' Equity) of the accounting equation?