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 la 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 B1 Req 82 and B3 Assume that the land was sold for $29,500 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 Assets Stockholkders Equity 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 Prairie report on the Year 3 statement of cash flows related to the sale of the land? ) Show the effect of the sale on the accounting equation. 2) Complete this question by entering your answers In the tabs below. Req A1 Req A2 and A3Req B1 Req 82 and B:3 Assume that the land was sold for $29,500 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 Assets Stockholders' Equity Cash Land Common Stock + Retained Earnings Req A2 and A3> 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 thls question by entering your answers In the tabs below. Req A1 Req A2 and A3 Req B1 Req 82 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? a-2 of a-3 Req A1 Req B1> Complete this questlon by entering your answers In the tabs below. Req A1 Req A2 and A3 Req B1 Req 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 Assets Cash Stockholders' Equity Common Stock+Retained Earnings Land Req A2 and A3 Req B2 and B3> Req A1 Req A2 and A Req B1 Req B2 and 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 Prairie report on the Year 3 statement of cash flows related to the sale of the land? b-2 of b-3 Req B1
