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The Austin Land Co sold lanbd for $85.000 in cash. The land was originally purchased for $65,000, and at the time of sale, $40,000 was
The Austin Land Co sold lanbd for $85.000 in cash. The land was originally purchased for $65,000, and at the time of sale, $40,000 was still owed to Regions Bank on that purchase. After the sale, the Company paid off the loan to Regions bank. What is the effect of the sale and the payoff of the loan on the accounting equation?
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Answer Total Assets will decrease by 20 000 Total Liabilities will fal...
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Financial Accounting
Authors: Warren, Reeve, Duchac
12th Edition
1133952410, 9781133952411, 978-1133952428
