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On January 1, 2018, Prairie Enterprises purchased a parcel of land for $12,300 cash. At the time of purchase, the company planned to use the land for a warehouse site. In 2020, Prairie Enterprises changed its plans and sold the land. Required eBook a. Assume that the land was sold for $13,653 in 2020. Hint (1) Show the effect of the sale on the accounting equation. Ask (2) What amount would Prairie report on the 2020 income statement related to the sale of the land? Print (3) What amount would Prairie report on the 2020 statement of cash flows related to the sale of the land? b. Assume that the land was sold for $11,562 in 2020. (1) Show the effect of the sale on the accounting equation. (2) What amount would Prairie report on the 2020 income statement related to the sale of the land? (3) What amount would Prairie report on the 2020 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 Reg B2 and B3 (1) Show the effect of the sale on the accounting equation. (Enter any decreases to account balances with a minus sign.) Complete this question by entering your answers in the tabs below. Reg A1 Reg A2 and A3 Reg B1 Req B2 and B3 (1) Show the effect of the sale on the accounting equation. (Enter any decreases to account balances with a minus sign.) PRAIRIE ENTERPRISES 2020 Accounting Equation Stockholders' Equity Retained Earnings Assets Cash Land Common Stock Reg A1 Req A2 and A3

On January 1, 2018, Prairie Enterprises purchased a parcel of land for $12,300 cash. At the time of purchase, the company planned to use the land for a warehouse site. In 2020, Prairie Enterprises changed its plans and sold the land. Required eBook a. Assume that the land was sold for $13,653 in 2020. Hint (1) Show the effect of the sale on the accounting equation. Ask (2) What amount would Prairie report on the 2020 income statement related to the sale of the land? Print (3) What amount would Prairie report on the 2020 statement of cash flows related to the sale of the land? b. Assume that the land was sold for $11,562 in 2020. (1) Show the effect of the sale on the accounting equation. (2) What amount would Prairie report on the 2020 income statement related to the sale of the land? (3) What amount would Prairie report on the 2020 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 Reg B2 and B3 (1) Show the effect of the sale on the accounting equation. (Enter any decreases to account balances with a minus sign.) Complete this question by entering your answers in the tabs below. Reg A1 Reg A2 and A3 Reg B1 Req B2 and B3 (1) Show the effect of the sale on the accounting equation. (Enter any decreases to account balances with a minus sign.) PRAIRIE ENTERPRISES 2020 Accounting Equation Stockholders' Equity Retained Earnings Assets Cash Land Common Stock Reg A1 Req A2 and A3

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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On January 1, 2018, Prairie Enterprises purchased a parcel of land for $12,300 cash. At the time of purchase, the company planned to use the land for a warehouse site. In 2020, Prairie Enterprises changed its plans and sold the land. Required eBook a. Assume that the land was sold for $13,653 in 2020. Hint (1) Show the effect of the sale on the accounting equation. Ask (2) What amount would Prairie report on the 2020 income statement related to the sale of the land? Print (3) What amount would Prairie report on the 2020 statement of cash flows related to the sale of the land? b. Assume that the land was sold for $11,562 in 2020. (1) Show the effect of the sale on the accounting equation. (2) What amount would Prairie report on the 2020 income statement related to the sale of the land? (3) What amount would Prairie report on the 2020 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 Reg B2 and B3 (1) Show the effect of the sale on the accounting equation. (Enter any decreases to account balances with a minus sign.)
Transcribed Image Text:On January 1, 2018, Prairie Enterprises purchased a parcel of land for $12,300 cash. At the time of purchase, the company planned to use the land for a warehouse site. In 2020, Prairie Enterprises changed its plans and sold the land. Required eBook a. Assume that the land was sold for $13,653 in 2020. Hint (1) Show the effect of the sale on the accounting equation. Ask (2) What amount would Prairie report on the 2020 income statement related to the sale of the land? Print (3) What amount would Prairie report on the 2020 statement of cash flows related to the sale of the land? b. Assume that the land was sold for $11,562 in 2020. (1) Show the effect of the sale on the accounting equation. (2) What amount would Prairie report on the 2020 income statement related to the sale of the land? (3) What amount would Prairie report on the 2020 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 Reg B2 and B3 (1) Show the effect of the sale on the accounting equation. (Enter any decreases to account balances with a minus sign.)
Complete this question by entering your answers in the tabs below. Reg A1 Reg A2 and A3 Reg B1 Req B2 and B3 (1) Show the effect of the sale on the accounting equation. (Enter any decreases to account balances with a minus sign.) PRAIRIE ENTERPRISES 2020 Accounting Equation Stockholders' Equity Retained Earnings Assets Cash Land Common Stock Reg A1 Req A2 and A3
Transcribed Image Text:Complete this question by entering your answers in the tabs below. Reg A1 Reg A2 and A3 Reg B1 Req B2 and B3 (1) Show the effect of the sale on the accounting equation. (Enter any decreases to account balances with a minus sign.) PRAIRIE ENTERPRISES 2020 Accounting Equation Stockholders' Equity Retained Earnings Assets Cash Land Common Stock Reg A1 Req A2 and A3
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