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On January $1,$ Year $1,$ Prairie Enterprises purchased a parcel of land for $$12,000$ 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.

$0\mathrm{.}9$ points

References

Required

a$.$ Assume that the land was sold for $$13,320$ 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 $$11,280$ 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 A$1$

Req $A2$ and $A3$

Req B$1$

Req $B2$ and $B3$

$(1)$ Show the effect of the sale on the accounting equation. $($Enter any decreases to account balances with a minus sign.$)$

$\backslash$table$[[$PRAIRIE ENTERPRISES$],[$Year $3$ Accounting Equation$],[$Assets$,=,$Stockholders' Equity$],[$Cash$,+,$Land,$=,$Common Stock,$+,$Retained Earnings$],[,+,,=,,+,]]$