Effect of transactions on total amount of seller

Reference no: EM13257448

A vacant lot acquired for $200,000, on which there is a balance owed of $120,000, is sold for $300,000 in cash. The seller pays the $120,000 owed. What is the effect of these transactions on the total amount of the seller's (1) assets, (2) liabilities, and (3) stockholders' equity?

Reference no: EM13257448

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