Effect of Transactions on Accounting Equation a. A vacant lot acquired for $115,000 is sold for $298,000 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. Effect Amount 1. Total assets $ 2. Total liabilities $ 3. Owner's equity $