14 On January 1, Year 1, Prairie Enterprises purchased a parcel of land for $12,600 cash. At the time of purchase, the company planned to use the land for a warehouse site. In Year 3, Prairie Enterprises changed its plans and sold the land. Required a. Assume that the land was sold for $13,986 in Year 3. 1. Show the effect of the sale on the accounting equation. 2. What amount would Prairie report on the Year 3 Income statement related to the sale of the land? 3. What amount would Prairie report on the Year 3 statement of cash flows related to the sale of the land? b. Assume that the land was sold for $11,844 in Year 3. 1. Show the effect of the sale on the accounting equation 2. What amount would Prairie report on the Year 3 income statement related to the sale of the land? 3. What amount would Prairie report on the Year 3 statement of cash flows related to the sale of the land? book Hint Print ference Complete this question by entering your answers in the tabs below. Reg A1 Reg A2 and A3 Reg 1 Reg B2 and 33 Assume that the land was sold for $13,986 in Year 3. Show the effect of the sale on the accounting equation. (Enter any decreases to account balances with a minus sign.) PRAIRIE ENTERPRISES Year 3 Accounting Equation Assets Stockholders' Equity Cash Land Common Stock Retained Earings On January 1, Year 1, Prairie Enterprises purchased a parcel of land for $12,600 cash. At the time of purchase, the company planned to use the land for a warehouse site. In Year 3, Prairie Enterprises changed its plans and sold the land Required a. Assume that the land was sold for $13,986 in Year 3. 1. Show the effect of the sale on the accounting equation 2. What amount would Prairie report on the Year 3 income statement related to the sale of the land? 3. What amount would Prairie report on the Year 3 statement of cash flows related to the sale of the land? b. Assume that the land was sold for $11,844 in Year 3. 1. Show the effect of the sale on the accounting equation 2. What amount would Prairie report on the Year 3 income statement related to the sale of the land? 3. What amount would Prairie report on the Year 3 statement of cash flows related to the sale of the land? Complete this question by entering your answers in the tabs below. Reg A1 Reg A2 and A3 Reg B1 Reg B2 and B3 What amount would Prairie report on the Year 3 income statement related to the sale of the land? What amount would Prairie report on the Year 3 statement of cash flows related to the sale of the land? 3-2. B-3 Cash inflow from investing activities 14 a. Assume that the sana was sold or >15,900 in Year 3. 1. Show the effect of the sale on the accounting equation. 2. What amount would Prairie report on the Year 3 Income statement related to the sale of the land? 3. What amount would Prairie report on the Year 3 statement of cash flows related to the sole of the land? b. Assume that the land was sold for $11,844 in Year 3. 1. Show the effect of the sale on the accounting equation. 2. What amount would Prairie report on the Year 3 income statement related to the sale of the land? 3. What amount would Prairie report on the Year 3 statement of cash flows related to the sale of the land? 88 eBook Complete this question by entering your answers in the tabs below. nt Print Deferences Req At Reg A2 and A3 Reg 81 Req B2 and 13 Assume that the land was sold for $11,844 in Year 3. Show the effect of the sale on the accounting equation (Enter any decreases to account balances with a minus sign.) PRAIRIE ENTERPRISES Year 3 Accounting Equation Assets Stockholders' Equity Cash Land Common Stock + Retained Earings On January 1. Year 1, Prairie Enterprises purchased a parcel of land for $12,600 cash. At the time of purchase, the company planned to use the land for a warehouse site In Year 3. Prairie Enterprises changed its plans and sold the land. Required a. Assume that the land was sold for $13,986 in Year 3. 1. Show the effect of the sale on the accounting equation. 2. What amount would Prairie report on the Year 3 income statement related to the sale of the land? 3. What amount would Prairie report on the Year 3 statement of cash flows related to the sale of the land? b. Assume that the land was sold for $11,844 in Year 3. 1. Show the effect of the sale on the accounting equation, 2. What amount would Prairie report on the Year 3 income statement related to the sale of the land? 3. What amount would Prairie report on the Year 3 statement of cash flows related to the sale of the land? Complete this question by entering your answers in the tabs below. Req Al Reg A2 and A3 Reg B1 Reg B2 and 13 Assume that the land was sold for $11,844 in Year 3. What amount would Prairie report on the Year 3 income statement related to the sale of the land? What amount would Prairie report on the Year 3 statement of cash flows related to the sale of the land? of b-2 b-3. Cash inflow from investing activities