Question Content Area Austin Land Company sold land for $ 5 8 , 9 7 0 in cash The land was originally purchased for $ 3 2 , 1 0 0 At the time of the sale, $ 1 2 , 0 3 0 was still owed to Regions Bank After the sale, Austin Land Company paid off the loan a Explain the effect of the sale on the accounting equation If the effect is no change, then enter a 0 in amount box Enter all dollar amounts as positive numbers Line Item Description Effect Amount Total assets $fill in the blank 2 Total liabilities $fill in the blank 4 Owners' equity $fill in the blank 6 b Explain the effect of the payoff of the loan on the accounting equation If the effect is no change, then enter a 0 in amount box Enter all dollar amounts as positive numbers Line Item Description Effect Amount Total assets $fill in the blank 8 Total liabilities $fill in the blank 1 0 Owners' equity $fill in the blank 1 2

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Question Content Area Austin Land Company sold land for $ 5 8 , 9 7 0 in cash  The land was originally purchased for $ 3 2 , 1 0 0   At the time of the sale, $ 1 2 , 0 3 0 was still owed to Regions Bank  After the sale, Austin Land Company paid off the loan  a   Explain the effect of the sale on the accounting equation  If the effect is no change, then enter a   0   in amount box  Enter all dollar amounts as positive numbers  Line Item Description Effect Amount Total assets $fill in the blank 2 Total liabilities $fill in the blank 4 Owners' equity $fill in the blank 6 b   Explain the effect of the payoff of the loan on the accounting equation  If the effect is no change, then enter a   0   in amount box  Enter all dollar amounts as positive numbers  Line Item Description Effect Amount Total assets $fill in the blank 8 Total liabilities $fill in the blank 1 0 Owners' equity $fill in the blank 1 2

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Question Content Area Austin Land Company sold land for $ 5 8 , 9 7 0 in cash. The land was originally purchased for $

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