On January 1, Year 1, Prairie Enterprises purchased a parcel of land for $28,000 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 $29,500 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 $24.000 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 81 Req 82 and B3 Assume that the land was sold for $29,500 in Year 3. Show the effect of the sale on the decreases to a e accounting equation. (Enter any decreases to account balances with a minus sign) PRAIRIE ENTERPRISES Year 3 Accounting Equation Assets Stockholders' Equity Land - Common StockRetained Earnings Cash On January 1, Year 1, Prairie Enterprises purchased a parcel of land for $28,000 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 $29,500 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 $24,000 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 Reg A2 and A3 Reg B1 Reg B2 and 83 Assume that the land was sold for $29,500 in Year 3. What amount would Prairie report on the Year 3 income statement related to the sale of the land? What amount would Prairie report on the Year 3 statement of cash flows related to the sale of the land? Req A Reg 131 > On January 1, Year 1, Prairie Enterprises purchased a parcel of land for $28,000 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 $29,500 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 $24,000 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 Req A2 and A3 Reg B1 EReq B2 and B3 Assume that the land was sold for $24,000 in Year 3. Show the effect of the sale on the accounting equation. (Enter any decreases to account balances with a minus sign.) PRAIRIE ENTERPRISES Year 3 Accounting Equation Stockholders' Equity Assets Cash Land Common Stock+Retained Earnings On January 1, Year 1, Prairie Enterprises purchased a parcel of land for $28,000 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 $29,500 in Year3 (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 $24,000 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 A3Req B1 Req 82 afd B3 Assume that the land was sold for $24,000 in Year 3. What amount would Prairie report on the Year 3 income statement related to the sale of the land? What amount would Prairle report on the Year 3 statement of cash flows related to the sale of the land? b-2 of b-3 Req B1
