Murphy Corporation had originally purchased land for $38,000

Murphy Corporation had originally purchased land for $38,000. It later sold it for $38,000 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 $38,000
B) assets and equity increase by $76,000
C) assets increase by $38,000; equity increases by $38,000
D) the amount of total assets remains the same

ANSWER

D