Total assets, liabilities, and shareholders' equity are $7,000, $4,000, and $3,000 before $2,000 is received in exchange for a $2,000 bond payable. What change occurred to liabilities? Why is there no change in shareholders' equity?

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The Answer of Total assets, liabilities, and shareholders' equity are $7,000, $4,000, and $3,000 before $2,000 is received in exchange for a $2,000 bond payable. What change occurred to liabilities? Why is there no change in shareholders' equity?

Total Assets, Liabilities, and Shareholders' Equity Are $7,000, $4,000, and $3,000