Adjustments to Net Income-Indirect Method Omni Corporation's accumulated depreciation- equipment account increased by $7,100 while $4,600 of patent amortization was recognized between balance sheet dates. There were no purchases or sales of depreciable or intangible assets during the year. In addition, the income statement showed a gain of $5,400 from the sale of investments. Reconcile a net income of $80,500 to net cash flow from operating activities. $ Cash Flows from Operating Activities-Indirect Method Staley Inc. reported the following data: Net income $335,800 Depreciation expense 67,900 Loss on disposal of equipment 33,100 Increase in accounts receivable 11,700 Increase in accounts payable 10,400 Prepare the Cash Flows from Operating Activities section of the statement of cash flows, using the indirect method. Use the minus sign to indicate cash out flows, cash payments, decreases in cash, or any negative adjustments. Staley Inc. Statement of Cash Flows (partial) Cash flows from operating activities: Adjustments to reconcile net income to net cash flow from operating activities: Changes in current operating assets and liabilities: Net cash flow from operating activities Land Transactions on the Statement of Cash Flows IZ Corporation purchased land for $500,000. Later in the year, the company sold a different piece of land with a book value of $250,000 for $280,000. How are the effects of these transactions reported on the statement of cash flows assuming the indirect method is used? Use the minus sign to indicate cash outflows, cash payments, decreases in cash and for any adjustments, if required. If a transaction has no effect on the statement of cash flows, select "No effect" from the drop down menu and leave the amount box blank. Action Amc Transactions Gain on sale of land Cash received from sale of land Cash paid for purchase of land