Lamar Company Originally Purchased Land for $33,000

question 225

Multiple Choice

Lamar Company originally purchased land for $33,000.It later sold the land for $33,000 in cash.Which of the following is TRUE of the effect of the sale of land on the accounting equation?

• A) assets increase and liabilities decrease by $33,000
• B) assets and equity increase by $66,000
• C) assets increase by $33,000; equity increases by $33,000
• D) the amount of total assets remains the same

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