Pool Party Planners purchased a parcel of land 18 months ago and paid $58,500 cash. The company sold the land and received $56,500 cash. Which of the following statements concerning the land sale is false?

The land account was credited for $58,500.

The cash account was debited for $56,500.

Income from operations increased $2,000.

The entry to record this transaction requires 2 debits and 1 credit.