Land was originally purchased for $20,000.It is sold for $20,000 in cash.How does the sale affect the accounting equation?
A) Assets increase $20,000; liabilities decrease $20,000.
B) Assets increase $20,000; liabilities increase $20,000.
C) Assets increase $20,000; owner's equity increases $20,000.
D) Assets increase $20,000; assets decrease $20,000.
Correct Answer:
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