EROCO a. A vacant lot acquired for $353,500 is sold for $682,500 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 "O" in the amount box Effect Amount 1. Total Assets 2. Total abilities 3. Stockholders' Equity b. Assume that the seller owes $99,000 on a loan for the land. After receiving the $682.500 cash in (a), the seller pays the 599,000 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 then enters 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 abilities 3. Stockholders' Equity Is it true that a transaction always afects at least two elements (Assets, Liabilities, or Stockholders out of the accounting equation