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Explain the effect of the sale and the payoff of the loan

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Problem 1: The Austin Land Company sold land for $60,340 in cash. The land was originally purchased for $35,640. At the time of the sale, $13,420 was still owed to Regions Bank. After the sale, The Austin Land Company paid off the loan. Explain the effect of the sale and the payoff of the loan on the accounting equation. Enter all dollar amounts as positive numbers.

1: Total assets

2: Total liabilities

3: Stockholders' equity

Reference no: EM132971274

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