Land is purchased by a business for $140,000. The company pays for the land by a cash payment of $24,000 and promised to pay the remaining amount at a later period. What is net effect of this transaction on the business's accounting equation? Select one: o a. Assets increase by $116,000; equity increases by $116,000. b. Assets increase by $140,000; liabilities decrease by $24,000. O c. Assets increase by $140,000; liabilities decrease by $116,000. d. Assets increase by $116,000; liabilities increase by $116,000