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The austin land co sold lanbd for 85000 in cash the land

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Reference no: EM13481975

The Austin Land Co sold lanbd for $85.000 in cash. The land was originally purchased for $65,000, and at the time of sale, $40,000 was still owed to Regions Bank on that purchase. After the sale, the Company paid off the loan to Regions bank. What is the effect of the sale and the payoff of the loan on the accounting equation

Reference no: EM13481975

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