11 For 100.000 $ land is purchased with a $20, 000 down payment and the execution of an $80, 000 promissory note. How does this purchase affect the accounting equation? a) assets increase $100, 000: liabilities decrease $100, 000 b) assets increase $80, 000: liabilities decrease $20, 000 assets increase $80, 000; owner's equity increases $80, 000 assets increase $80, 000; liabilities increase $80, 000 Boş bırak KÖnceki 11/20 Sonraki> Карat VSinav Bitir

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Shannon Company acquired land for $56,000 cash. Additional costs are as follow: Title and attorney's fee                                          $300 Insurance of one year                                             $1,500 Broker commission                                                  $1,130 Accrued Property taxes                                            $560   Shannon will record the acquisition cost of the land as a. $56,000 b. $57,500 c. $59,490 d. $57,990

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