4 POINTS

I am looking for the correct answer to this general accounting question with appropriate explanations.

Axe Enterprises makes collections on sales according to the following schedule:

Please explain the correct approach for solving this general accounting question.

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Subject:-- financial accounting questions

Can you explain this financial accounting question using accurate calculation methods?

The F Company sold the land for $86,000 in cash. The land was originally purchased for $56,000, and at the time of the sale, $17,000 was still owed to First National Bank on that purchase. After the sale, The F Company paid off the loan to First National Bank. What is the effect of the sale and the payoff of the loan on the accounting equation? 1. assets increase by $20,000; liabilities decrease by $15,000; owner's equity increases by $5,000. 2. assets increase by $60,000; liabilities decrease by $15,000; owner's equity increases by $20,000. 3. assets increase by $13,000; liabilities decrease by $17,000; owner's equity increases by $30,000. 4. assets increase by $20,000; liabilities decrease by $15,000; owner's equity increases by $35,000

Accounting answer with right solution