Jerry Frost invested equipment in his business having a fair market value of $23,500. What are the effects on the fundamental accounting equation? Assets increase $23,500; liabilities, no effect; owner's equity increases $23,500. a Assets decrease $23,500; liabilities, no effect; owner's equity decreases $23,500. b. Assets increase $23,500; liabilities decrease $23,500; owner's equity increases $23,500. C. Assets decrease $23,500; liabilities, no effect; owner's equity increases $23,500. d. Assets increase $23,500; liabilities increase $23,500; owner's equity, no effect. le. Assets increase $23,500; liabilities, no effect; owner's equity increases $23,500.