Land, Originally Purchased for $30,000, Is Sold for $62,000 in Cash

Multiple Choice

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; stockholders' equity increases by $62,000
B) assets increase by $32,000; stockholders' equity increases by $32,000
C) assets increase by $62,000; liabilities decrease by $30,000; stockholders' equity increases by $32,000
D) assets increase by $30,000; no change in liabilities; stockholders' equity increases by $62,000