On January 1, 2018, Prairie Enterprises purchased a parcel of land for $13,500 cash. At the time of purchase, the company planned to use the land for a warehouse site. In 2020, Prairie Enterprises changed its plans and sold the land. Required a. Assume that the land was sold for $14,985 in 2020. (1) Show the effect of the sale on the accounting equation. (2) What amount would Prairie report on the 2020 income statement related to the sale of the land? (3) What amount would Prairie report on the 2020 statement of cash flows related to the sale of the land? b. Assume that the land was sold for $12,690 in 2020. (1) Show the effect of the sale on the accounting equation. (2) What amount would Prairie report on the 2020 income statement related to the sale of the land? (3) What amount would Prairie report on the 2020 statement of cash flows related to the sale of the land? Complete this question by entering your answers in the tabs below. Reg A1 Req A2 and A3 Req B1 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.) PRAIRIE ENTERPRISES 2020 Accounting Equation Stockholders' Equity Land Common Stock Retained Earnings Assets Cash + (2) What amount would Prairie report on the 2020 income statement related to the sale of the land? (3) What amount would Prairie report on the 2020 statement of cash flows related to the sale of the land? of (2) (3) Cash inflow from investing activities (1) Show the effect of the sale on the accounting equation. (Enter any decreases to account balances with a minus sign.) PRAIRIE ENTERPRISES Assets 2020 Accounting Equation Stockholders' Equity Land Common Stock Retained Earnings Cash + + (2) What amount would Prairie report on the 2020 income statement related to the sale of the land? (3) What amount would Prairie report on the 2020 statement of cash flows related to the sale of the land? of (2) (3) Cash inflow from investing activities