Exercise 6-13A (Algo) Effect of gains and losses on the accounting equation and financial statements LO 6-5 ol ant On January 1, Year 1 Prairie Enterprises purchased a parcel of tand for $11.500 cash. At the time of purchase, the company planned to use the land for a warehouse site In Year 3. Praire Enterprises changed its plans and sold the land Required o. Assume that the land was sold for $12.765 in Year 3 (1) Show the effect of the sale on the accounting equation (2) What amount would Prairie report on the Year 3 come statement related to the sale of the land? (3) Wnat amount would Prairie report on the Year 3 statement of cash flows related to the sale of the land? Cocer b. Assume that the land was sold for $10,810 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? Check my word (1) Show the effect of the sale on the accounting equation (2) What amount would Praire report on the Year 3 income statement related to the sale of the land? 3) What amount would Prairie report on the Year a statement of cash flows related to the sale of the land? 14:12 DO Complete this question by entering your answers in the tabs below. RA1 Reg A2 and A RGB Me 2 and (1) show the effect of the sale on the accounting equation (Unter any decreases to account balances with a mine sign) PRAIRIE ENTERPRISES Year Accounting on Assets Stockholders' Equity Cash Common Stock - Retained Earnings Reg A2 and AJ > Jesent 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 Al Reg A2 and A3 Reg B1 Reg 2 and 3 (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? Amount of (2) (3) Rounting equation (2) What amount would Praire 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? 14.32 Complete this question by entering your answers in the tabs below. Hind Regal Reg A2 and A R 1 Reg 2 and 3 Print (1) Show the effect of the sale on the accounting equation (Enter any decreases to account balances with a mission) References PRAR ENTERPRISES Year Accounting Equation Stockholders' Equity Common Stock - Retained Earnings Assets Land Reg A2 and AS Req 82 > 14 whatalliount 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 Reg A2 and A3 Req 81 Red B2 and 3 (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? Amount (2) of ( Req B1
