Abacus Corporation Purchased Equipment Costing $48,000

Abacus Corporation purchased equipment costing $48,000. It paid $8,000 in cash and signed a note payable for $40,000. This transaction ________.

A) increased assets by $48,000, liabilities by $40,000 and shareholders' equity by $8,000
B) increased assets by $48,000 and liabilities by $40,000
C) increased assets and liabilities each by $40,000
D) increased assets and shareholders' equity each by $48,000