Purchasing a tract of land for $80000 by paying $50000 in cash and signing a promissory note for the remainder would:

Why isn't the answer E?

Debit Land (A) 80000

Credit Cash (A) 50000

Credit Notes Payable (L) 30000

So isn't the net asset increased by 30000?

Purchasing a tract of land for $80,000 by paying $50,000 in cash and signing a promissory note for the remainder would A. decrease owners' equity by $30,000 B. increase net assets by $30,000 V increase liabilities by $30,000 V increase owners' equity by $30,000 E. both of B and C