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How would a sale of $400 of inventory on credit affect the balance sheet if the cost of the inventory sold was $160 ? It would increase noncash assets by $400 and increase equity by $400. Also, it would decrease noncash assets by $160 and decrease equity by 160 . It would increase noncash assets by $400 and increase equity by $400 It would decrease noncash assets by $160 and decrease equity by 160 It would increase cash by $400 and increase equity by $400