A vacant lot acquired for $150,000, on which there is a balance owed of $80,000, is sold for...

Question

A vacant lot acquired for $150,000, on which there is a balance owed of $80,000, is sold for $290,000
in cash.
The seller pays the $80,000 owed. What is the effect of these transactions on the total amount of the
seller’s (1) assets, (2) liabilities, and (3) stockholders’ equity?
...

David · Accepted Answer

A vacant lot acquired for $150,000, on which there is a balance owed of $80,000, is sold for $290,000 
in cash.  
The seller pays the $80,000 owed. What is the effect of these transactions on the total amount of the 
seller’s (1) assets, (2) liabilities, and (3) stockholders’ equity?

A vacant lot acquired for $150,000, on which there is a balance owed of $80,000, is sold for $290,000 in cash. The seller pays the $80,000 owed. What is the effect of these transactions on the total...

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