The austin land company sold land for 85000 in cash. the, Ask an Expert

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The Austin Land Company sold land for $85,000 in cash. The land was originally purchased for $65,000, and at the time of the sale, $40,000 was still owed to Regions Bank on that purchase. After the sale, The Austin Land 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?

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M9436958

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