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Effect of transactions on accounting equation Assume that the seller owes $80,000 on a loan for the land. After receiving the $298,000 cash in (a),

Effect of transactions on accounting equation

Assume that the seller owes $80,000 on a loan for the land. After receiving the $298,000 cash in (a), the seller pays the $80,000 owed. What is the effect of the payment on the total amount of the seller's (1) assets?

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