On January 1. Year 1, Prairie Enterprises purchased a parcel of land for $11,900 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 $13,209 in Year 3. (1) Show the effect of the sale on the accounting equption (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 $11,186 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? PRAIRIE ENTERPRISES Assets Year 3 Accounting Equation Stockholders' Equity Land Common Stock Retained Earnings Cash + + +