Reporting Land Transactions on Statement of Cash Flows On the basis of the details of the following fixed asset account, indicate the items to be reported on the statement of cash flows: ACCOUNT Land ACCOUNT NO. Balance Date Item Debit Credit Debit Credit Jan. 1 Balance 1,151,000 Mar. 12 Purchased for 368,000 1,519,000 cash Oct. 4 173,000 1,346,000 Sold for $202,000 Item Section of Statement of Cash Flows Added or Deducted Amount Mar. 12: Purchase of fixed asset Oct. 4: Sale of fixed asset A Gain on sale of fixed asset (assume the indirect method) Adjustments to Net Income-Indirect Method Omni Corporation's accumulated depreciation equipment account increased by $9,300, while $6,000 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 $7,100 from the sale of land. Reconcile a net income of $105,700 to net cash flow from operating activities. $ 113,900