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Effects of Transactions on Accounting Equation A vacant lot acquired for $375,500, on which there is a balance owed of $221,545, is sold for $413,050 in cash. The seller pays the $221,545 owed. What is the effect of these transactions on the total amount of the seller's (1) assets, (2) liabilities, and (3) stockholders' equity? 1. Total assets decreased $ 567,005 X 2. Total liabilities decreased $ 221,545 3. Stockholders' equity increased $ 345,460 X Feedback Check My Work Determine the types of elements that are affected in each transaction. Assets are items owned by the company, while liabilities are debts owed to creditors and stockholders' equity represents the rights of the shareholders. Then, plug these elements into the accounting equation