QUESTION 15 An asset was purchased for $1,000,000 with the down payment of $200,000 and $800,000 on account with the asset vendor. What would be the effect on the total assets and total liabilities in the balance sheet? a. Assets increased by $800,000 and liabilities decreased by $800,000 b. Assets increased by $800,000 and liabilities increased by $800,000 C. Assets decreased by $800,000 and liabilities increased by $800,000 d. Assets increased by $1,000,000 and liabilities increased by 800,000