Exercise1: Sohar Company had net income of OMR 184,000 in 2017. Depreciation expense for the year is OMR 55,000. During the year, Accounts Receivable increased OMR 7,000 and Prepaid Expenses decreased OMR 1,000. The company also sold equipment at a loss of OMR 2,000. Instructions Calculate net cash flows from operating activities using the indirect method. Exercise2: Muscat Company issued ordinary shares for proceeds of OMR 24,000 during 2017. The company paid dividends of OMR 2,000. The company also issued a non-current note payable for OMR 30,000 in exchange for equipment during the year. The company sold treasury shares that had a cost of OMR 2,000 for OMR 4,000 . Instructions Compute net cash flows from financing activities. Exercise4: Exercise3: A comparative statement of financial position for Shinas Company appears below: AL-Taif Company prepared the tabulation below at December 31, 2017. SHINAS COMPANY Net Income. OMR 255,000 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation expense, OMR 25,000 Decrease in accounts receivable, OMR 40,000 Increase in inventory, OMR 12,000 . Decrease in accounts payable, OMR 8,600. Increase in income taxes payable, OMR 1,500. Loss on disposal of land, OMR 5,000. Net cash provided by operating activities Instructions Show how each item should be reported in the statement of cash flows. Use parentheses for deductions. Additional information: 1. Net income for the year ending December 31,2017 was OMR 33,000. 2. Cash dividends of OMR 15,000 were declared and paid during the year. 3. Long-term investments that had a cost of OMR 18,000 were sold for OMR 14,000 . 4. Sales for 2017 were OMR 120,000 . Instructions Prepare a statement of cash flows for the year ended December 31, 2017, using the indirect method