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

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Accounting Basics, Accounting

Category:- Accounting Basics
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