Austin Land Company sold land for $59,930 in cash. The land was originally purchased for $34,230. At the time of the sale, $12,300 was still owed to Regions Bank. After the sale, Austin Land Company paid off the loan. Explain the effect of the sale and the payoff of the loan on the accounting equation. Enter all dollar amounts as positive numbers. Line Item Description Effect Amount Total assets Total liabilities Stockholders' equity

Austin Land Company sold land for $59,930 in cash. The land was originally purchased for $34,230. At the time of the sale, $12,300 was still owed to Regions Bank. After the sale, Austin Land Company paid off the loan. Explain the effect of the sale and the payoff of the loan on the accounting equation. Enter all dollar amounts as positive numbers. Line Item Description Effect Amount Total assets Total liabilities Stockholders' equity

Survey of Accounting (Accounting I)

8th Edition

ISBN:9781305961883

Author:Carl Warren

Publisher:Carl Warren

Chapter1: The Role Of Accounting In Business

Section: Chapter Questions

Problem 1.4.2MBA: Return on assets The following data (in millions) were adapted from recent financial statements of...

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