Question 2 Purchasing a tract of land for $80,000 by paying $30,000 in cash and signing a notes payable for the remainder would: O Increase total assets by $80,000 O Increase total assets by $50,000 O Increase liabilities by $30,000 O Increase stockholders' equity by $50,000 Question 3 Performing a service on account would: O Increase assets and increase revenues O Decrease liabilities and increase assets O Increase stockholders equity and decrease assets O Increase liabilities and decrease assets D Question 4 3.33 pts 3.33 pts 3.33 pts Stockholders' equity is $32,000 and total assets are $79,000 at the beginning of the period. Assets increased $39,500 and liabilities