16.7 points ebook H Print References On January 1, Year 1, Prairie Enterprises purchased a parcel of land for $11,700 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 $12,987 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 $10,998 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 81 Req 82 and 13) Assume that the land was sold for $12,907 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? 22