Carl cornfield makes a payment on his tractor. what two lines of the balance sheet will this payment change?

Property plant and equipment in non current asset section of Carl Cornfield's balance sheet will be increased.

Cash at bank in current asset section of Carl Cornfield's balance sheet will be decreased.

Explanation:

When the entity makes payment for any vehicle, the following two sections of the balance sheet are changed:

Property plant and equipment in non current asset section is increased.

Cash at bank in current asset section is decreased.

So the following two lines of Carl Cornfield balance sheet will be changed.

Property plant and equipment in non current asset section of Carl Cornfield's balance sheet will be increased.

Cash at bank in current asset section of Carl Cornfield's balance sheet will be decreased.

(a) when insurance is obtained through a reciprocal insurer, the insureds are sharing the risk of loss with other subscribers of that reciprocal.

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