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 $62,000; owner's equity increases $62,000
B) assets increase $32,000; owner's equity increases $32,000
C) assets increase $62,000; liabilities decrease $30,000; owner's equity increases $32,000
D) assets increase $30,000; no change for liabilities; owner's equity increases $62,000