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Fred's Auto Body purchased equipment costing $100,000. Of this amount, $40,000 was paid in cash and the balance is due in six months. Recording this

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Fred's Auto Body purchased equipment costing $100,000. Of this amount, $40,000 was paid in cash and the balance is due in six months. Recording this transaction would have what effect on the firm's financial statements? O total assets would increase $60,000 O total assets would increase $100,000 O total liabilities would increase $40,000 O expenses would increase by $40,000 O none of the above

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