ed On January 1, Year 1, Poultry Processing Company purchased a freezer and related installation equipment...

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ed On January 1, Year 1, Poultry Processing Company purchased a freezer and related installation equipment for $71,400. The equipment had a three-year estimated life with a $3,900 salvage value. Straight-line depreciation was used. At the beginning of Year 3, Poultry Processing revised the expected life of the asset to four years rather than three years. The salvage value was revised to $2,900. Required Compute the depreciation expense for each of the four years, Year 1-Year 4. Depreciation Expense Year 1 ok Year 2 Year 3 t Year 4 On January 1, Year 1, Prairie Enterprises purchased a parcel of land for $13,000 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. Required a. Assume that the land was sold for $14,430 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 $12,220 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 A1 Req A2 and A3 Req B1 Req B2 and B3 Assume that the land was sold for $14,430 in Year 3. Show the effect of the sale on the accounting equation. (Enter any decreases to account balances with a minus sign.) Assets Cash Land PRAIRIE ENTERPRISES Year 3 Accounting Equation = Stockholders' Equity = Common Stock + Retained Earnings = + < Req A1 Req A2 and A3 > ed On January 1, Year 1, Poultry Processing Company purchased a freezer and related installation equipment for $71,400. The equipment had a three-year estimated life with a $3,900 salvage value. Straight-line depreciation was used. At the beginning of Year 3, Poultry Processing revised the expected life of the asset to four years rather than three years. The salvage value was revised to $2,900. Required Compute the depreciation expense for each of the four years, Year 1-Year 4. Depreciation Expense Year 1 ok Year 2 Year 3 t Year 4 On January 1, Year 1, Prairie Enterprises purchased a parcel of land for $13,000 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. Required a. Assume that the land was sold for $14,430 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 $12,220 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 A1 Req A2 and A3 Req B1 Req B2 and B3 Assume that the land was sold for $14,430 in Year 3. Show the effect of the sale on the accounting equation. (Enter any decreases to account balances with a minus sign.) Assets Cash Land PRAIRIE ENTERPRISES Year 3 Accounting Equation = Stockholders' Equity = Common Stock + Retained Earnings = + < Req A1 Req A2 and A3 >