Land, originally purchased for $20,000, is sold for $75,000 in cash. What is the effect of the sale on the accounting equation?
A) assets increase $75,000; owner's equity increases $75,000
B) assets increase $55,000; owner's equity increases $55,000
C) assets increase $75,000; liabilities decrease $20,000; owner's equity increases $55,000
D) assets increase $20,000; no change for liabilities; owner's equity increases $75,000
B
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