Land originally purchased for $26,820 is sold for $77,804 in cash. What is the effect of the sale on the accounting equation? Oa. assets increase by $77,804; liabilities decrease by $26,820; owner's equity increases $50,984 Ob. assets increase by $50,984, owner's equity increases by $50,984 Oc atrets increase by $77,804; owner's equity increases by $77,804 Od. assets increase by $17,175; no change in liabilities, owner's equity increases by $77,804