You are the bookkeeper for a video game company. Your company recently licensed one of its new games to a distributor. The distributor paid your company $4,000 at the contract signing as an advanced royalty for the first 500 games sold and will pay $8 for each game sold after. Which best describes the effect of Royalty Income on the accounting equation? 0 0 0 0 Royalty Income decreases assets. Royalty Income increases equity. Royalty Income has no effect on the accounting equation. Royalty Income increases liabilities