On December 1, Grey Corporation has total assets of $600,000. During the month of December the following transactions occurred: - Purchased land for $250,000 cash - Collected $50,000 on accounts receivable - Purchased equipment for $100,000, paying $25,000 in cash and issuing a note payable for $75,000. - Paid $25,000 of the note payable. What are Grey Corporation's total assets on December 31? Select one: a. $950,000 b. $650,000 C. $925,000 d. None of the answer choices Ben Stone decided to start his own business selling magazines. He contributed a building as an initial investment to start his company. The building is valued at $550,000 and comes with an attached mortgage payable of $200,000. What is the effect of this transaction on the accounting equation? Select one: a. Increase Stockholder's Equity by $550,000 b. Increase Stockholder's Equity by $350,000 C. Increase Assets by $350,000 d. Decrease Stockholder's Equity by $350,000