ob e EX 1-10 Effect of transactions on accounting equation A. A vacant lot acquired for $115,000 is sold for $298,000 in cash. What is the effect of sale on the total amount of the seller's (1) assets, (2) liabilities, and (3) stockholders' equ B. Assume that the seller owes $80,000 on a loan for the land. After receiving the $298, cash in (A), the seller pays the $80,000 owed. What is the effect of the payment on total amount of the seller's (1) assets, (2) liabilities, and (3) stockholders' equity? C. Is it true that a transaction always affects at least two elements (Assets, Liabili! or Stockholders' Equity) of the accounting equation? Explain