Murphy Company had originally purchased land for $35,000.tt later sold it for $35,000 in cash. Which of the following is true A. assets increase and liabilities decrease by $35,000 B. assets increase by $35,000; equity increases by $35,000 C. assets and equity increase by $70,000 D. the amount of total assets remains the same Murphy Company had originally purchased land for $35,000.tt later sold it for $35,000 in cash. Which of the following is true A. assets increase and liabilities decrease by $35,000 B. assets increase by $35,000; equity increases by $35,000 C. assets and equity increase by $70,000 D. the amount of total assets remains the same