What is the effect of these transactions on the total amount of the seller”s (1) assets, (2)…

A vacant lot acquired for $120,000, on which there is a balance owed of $40,000, is sold for $210,000 in cash. The seller pays the $40,000 owed. What is the effect of these transactions on the total amount of the seller”s (1) assets, (2) liabilities, and (3) stockholders” equity?

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