On January 1, Year 1, Praire Enterprises purchased a parcel of land for $14.200 cash. At the time of purchase, the company planned to use the land for a warehouse site In Year 3. Pratrie Enterprises changed its plans and sold the land. Required a. Assume that the land was sold for $15.762 in Year 3. (1) Show the effect of the sale on the accounting equation 12) What amount would Praire report on the Year 3 Income statement related to the sale of the land? B) 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 $13,348 In Year 3. (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 3 statement of cash flows related to the sale of the land? Complete this question by entering your answers in the tabs below. Req Az Reg A2 A3 Req B1 Red-B2 and 33 Assume that the land was sold for $15,768 in Year 3. Show the effect of the sale on the counting equation (Enter any decreases to account balances with a minus sign PRAIRIE ENTERPRISES Year 3 Accountbog Equation Assets Stockholders' Equity Cash Land Common Stock Retained things N On January 1, Year 1. Prairie Enterprises purchased a parcel of land for $14.200 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 $15.762 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? B) 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 $13,348 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 Al Reg A2 dna a eq 31 Red 32 and 33 Assume that the land was sold for $15.768 in Vear 3. What amount would Prairie report og the Year 2 income statement related to the sale the land? What amount would Prairie report on the Year 3 statement of cash flows related to the sale of the land? a-2 of 12
