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Land originally purchased for $30,000 is sold for $62,000 in cash. What is the effect of the sale on the accounting equation?
A) assets increase by $62,000; owner's equity increases by $62,000
B) assets increase by $32,000; owner's equity increases by $32,000
C) assets increase by $62,000; liabilities decrease by $30,000; owner's equity increases by $32,000
D) assets increase by $30,000; no change in liabilities; owner's equity increases by $62,000
On May 26, 2024