On January 1, Year 1, Prairie Enterprises purchased a parcel of land for $11,800 cash....
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Accounting
On January 1, Year 1, Prairie Enterprises purchased a parcel of land for $11,800 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 Assume that the land was sold for $13,098 in Year 3. (1) Show the effect of the sale on the accounting equation. (2) What amount would Prairie report on the
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