oseph purchased a vacation home for $700,000. He put $200,000 down and financed the $500,000 balance. What is the impact of this transaction?

1. His total assets have increased.
2. His total liabilities have increased.
3. His net worth has increased.
4. His net worth has decreased.

		1 and 2
		1, 2, and 3
		3 only
		1, 2 and 4