Business, 22.04.2020 05:05 bobbyxii6033

On January 1, Year 1, Prairie Enterprises purchased a parcel of land for $11,000 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 $12,210 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 $10,340 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?

Answers: 1

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On January 1, Year 1, Prairie Enterprises purchased a parcel of land for $11,000 cash. At the time o...