Simpson Auto Body Repair purchased $20000 of Machinery. The company paid $8000 i

Simpson Auto Body Repair purchased $20000 of Machinery. The company paid $8000 in cash at the time of the purchase and signed a promissory note for the remainder to be paid in four monthly installments. How will this transaction affect the accounting equation?A. Increase Assets (Machinery $20000) and decrease Liabilities (Accounts Payable $20000)B. Increase Total Assets by a net amount of $12000 (increase Machinery $20000 and decrease Cash $8000) and increase Liabilities (Notes Payable $12000)C. Increase Total Assets by a net amount of $20000 (increase Machinery $12000 and increase Cash $8000) and decrease Liabilities (Accounts Payable $20000)D. Increase Assets (Machinery $12000) and increase Liabilities (Accounts Payable $12000)