What is the effect of the sale, Accounting Basics

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What is the effect of the sale

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: What is the effect of the sale

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Accounting Basics: What is the effect of the sale

Reference No:- TGS070416

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Recent Questions Asked Accounting Basics

Q : What date must the invoice be paid

Q : What price team have to charge to fill the stadium

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Q : What is the effect of the sale

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Request for Solution File

Ask an Expert for Answer!!

Accounting Basics: What is the effect of the sale

Reference No:- TGS070416

Recent Questions Asked Accounting Basics

Q : What date must the invoice be paid

Q : What price team have to charge to fill the stadium

Q : Plot to communicate the theme of continuity

Q : Company report as office supplies expense

Q : What is the effect of the sale

Q : What was the amount of net income for the year

Q : Debate the benefits of stem-cell research versus religious

Q : How do ratios change as income increases

Q : Adjusting entry at the end of the first year

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