Response to the following questions:
1. Fathom Consulting Services acquired land three years ago for $25,000. Fathom recently signed an agreement to sell the land for $80,000. In accordance with the sales agreement, the buyer transferred $80,000 to Fathom's bank account on October
2. How would elements of the accounting equation be affected by the sale?
3. (a) How does the payment of dividends of $30,000 affect the three elements of the accounting equation?
(b) Is net income affected by the payment of dividends? Explain.