Effect of Transactions on Accounting Equation a.  A vacant lot acquired for $346,000 is sold for $668,000 in cash. What is the effect of the sale on the total amount of the seller's (1) assets, (2) liabilities, and (3) owner's equity? If there is no change, select 'No change' from the dropdown and then enter a '0' in the amount box.     Effect Amount 1. Total Assets     $fill in the blank 2   2. Total Liabilities     $fill in the blank 4   4. Owner's Equity     $fill in the blank 6   b.  Assume that the seller owes $97,000 on a loan for the land. After receiving the $668,000 cash in (a), the seller pays the $97,000 owed. What is the effect of the payment on the total amount of the seller's (1) assets, (2) liabilities, and (3) owner's equity? If there is no change, select 'No change' from the dropdown and then enter a '0' in the amount box.     Effect Amount 1. Total Assets     $fill in the blank 8   2. Total Liabilities     $fill in the blank 10   3. Owner's Equity     $fill in the blank 12   c.  Is it true that a transaction always affects at least two elements (Assets, Liabilities, or Owner's Equity) of the accounting equation?

Please do not give solution in image format thanku

Please Solve In 15mins I will Thumbs-up

Complete the problem below using these accounts as needed: Cash Accumulated Depreciation Party Bus Loss on Sale of Party Bus Depreciation Expense Gain on Sale of Party Bus PLEASE NOTE: You must enter the account names exactly as written above and all whole dollar amounts will be with "$" and commas as needed (i.e. $12,345). If no account name or DR/CR is needed, please use "None" and if no dollar amount is needed, please use "$0" - no quotation marks for either. You are to refer to the examples in the text for the proper order of the accounts. Party Hearty Co. owns a party bus that, all tricked out, costs $247,500, with accumulated depreciation of $123,450. Party Hearty Co. sells the party bus for cash. Record the journal entry for the sale of the party bus if Party Hearty Co. were to sell the party bus for the following amounts: Sold party bus for $118,635 cash:   DR     DR / CR?      DR / CR?      CR       Sold party bus for $124,050 cash:   DR     DR…