What is the effect of the sale and payoff, Accounting Basics

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What is the effect of the sale and payoff

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 and payoff

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Accounting Basics: What is the effect of the sale and payoff

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Recent Questions Asked Accounting Basics

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Accounting Basics: What is the effect of the sale and payoff

Reference No:- TGS077726

Recent Questions Asked Accounting Basics

Q : Article critique - does communication matter in all fields

Q : Reduction in the cost of finished goods

Q : How many years will it take to reach your goal

Q : Nature of physical privacy in the workplace

Q : What is the effect of the sale and payoff

Q : At what project duration do attain lowest total project cost

Q : Convicted of frightening others

Q : Calculate the maximum inventory

Q : Return on common stock-holders equity

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