Adjustments to Net Income-Indirect Method Congress Corporation's accumulated depreciation-equipment account increased by $8,000, while $5,200 of patent amortization was recognized between balance sheet dates. There were no purchases or sales of depreclable or intangible assets during the year, In addition, the income statement showed a gain of $6,100 from the sale of investments. Reconcile a net income of $91,300 to net cash flows from operating activities. Changes in Current Operating Assets and Liabilities Mohammed Corporation's comparative balance sheet for current assets and liabilities was as follows: Adjust net income of $71,900 for changes in operating assets and liabilities to arrive at net cash flows from operating activities. Cash Flows from (Used for) Operating Activities The net income reported on the income statement for the current year was $115,800. Depreciation recorded on store equipment for the year amounted to $19,100. Balances of the current asset and current liability accounts at the beginning and end of the year are as follows: a. Prepare the Cash Flows from (used for) Operating Activities section of the statement of cash flows, using the indirect method. Use the minus sign to indlcate cash outflows, cash payments, decreases in cash, or any negative adjustments. a. Prepare the Cash Flows from (used for) Operating Activities section of the statement of cash flows, using the indiract method, use the minus sign to indicate cash outflows, cash payments, decreases in cash, or any negative adjustments. Statement of Cash Flows (partial) Net cash fiow trom operating acuviuen b. Cash flows from operating activities differ from net income because it does not use the of accounting. For example revenues are recorded on the income statement when