Chapter 3 Homework Static Help Seve Esh Sun 13 131 On January 1 Year Parties pradeda parcel of land for $28.000 cash. At the time of purchase the company planned to use the land for a warehouseste in verrate Enterprises changed its plans and sold the land Required 2. Assume that the land was sold for $29500 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 $24,000 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? Use Complete this question by entering your answers in the tabs below. Reg A1 Reg A2 and AJ Reg 1 Reg 2 and Assume that the land was sold for $29,500 in Year 3. Show the effect of the sale on the accounting equation (Enter any decreases to account balances with a minus sign)