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On January 1, Year 1, Prairie Enterprises purchased a parcel of land for $13,000 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 $14,430 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 sole 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 $12,220 in Year 3. (1) Show the effect of the sale on the accounting equation. (2) What amount would Prairle report on the Year 3 income statement related to the sale of the land? (3) What amount would Prairle 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. (1) Show the effect of the sale on the accounting equation. Note: Enter any decreases to account balances with a minus sign. Complete this question by entering your answers in the tabs below. (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. (1) Show the effect of the sale on the accounting equation. Note: Enter any decreases to account balances with a minus sign. Complete this question by entering your answers in the tabs below. (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

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