On January 1, Year 1, Prairie Enterprises purchased a parcel of land for $11,300 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 $12,543 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 $10,622 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. Regal Red A2 and A3 Reg 1 Red 12 and 3 Assume that the land was sold for $12,543 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? 11.3000 Cash flow from investing activities 9 On January 1, Year 1. Prairie Enterprises purchased a parcel of land for $11,300 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 $12,543 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 Praire report on the Year 3 statement of cash flows related to the sale of the land? b. Assume that the land was sold for $10,622 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. Reg A1 Reg A2 A3 Reg 1 Reg 2 and 30 Assume that the land was sold for $10,622 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? ol 113.000 10.02 3
