Question 12 of 12 - /1 View Policies Current Attempt in Progress Sele, Inc. purchased a building on Jaruary 1, 2020 for 1,200,000. The useful life of the building is 10 years. What impact will the appropriate adjusting entry at December 31, 2020 have on its statement of financial position at December 31, 2020? Increased Equity 120,000. Since the adjusting entry has offsetting debits and credits, there is no impact on the statement of financial position. Decreased Assets 120,000 Increased Liabilities 120,000. eTextbook and Media Save for Later Attempts: 0 of 3 used Submit