Adjustments to Net Income-Indirect Method tantlund Corporation's cumulated depreciation-equipment account increased by 56,320, white 52,450 of potent amortization was recognized between balance sheet dates. There were no purchases ar sales of depreciable or Intangible assets during the year. In addition, the income statement showed gain of $13,510 from the sale of investments Reconcile a net income of $126,300 to net cash flows from operating activities Land Transactions on the Statement of Cash Flows PQR Corporation purchased land for $295,000. Later in the year, the company sold a different piece of land with a book value of $148,000 for $177,000. How are the effects of these transactions reported on the statement of cash flows? 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 Transactions Action Amount Gain on sale of land Cash received from sale of land ill! Cash paid for purchase of land