Electrodo Co. purchased land for $55,000 with $20,000 paid in cash and $35,000 in notes payable. What effect does this transaction have on the accounts under the accrual basis of accounting? a. Net increase in assets and liabilities of $55,000 b. Net increase in assets of $75,000 and a net decrease in liabilities of $30,000 c. Net increase in assets of $35,000 and a net increase in liabilities of $35,000 d. Net increase in assets of $55,000 and a net decrease in liabilities of $35,000