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A vacant lot acquired for $115,000 is sold for $298,000 in cash. What is the effect of the sale on the total amount of the
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A vacant lot acquired for $115,000 is sold for $298,000 in cash. What is the effect of the sale on the total amount of the

User Dharshan
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1 Answer

11 votes

Answer:

+$183,000

$0

+$183,000

Step-by-step explanation:

Total assets increased by ($298,000 - $115,000) $183,000.

Total liabilities has no change

Total shareholder equity increased by ($298,000 - $115,000) $183,000.

User Dollar Friend
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