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Adjustments to net income-indirect method Congress Corporation's accumulated depreciation-equipment account increased by $6,200 while $4,000 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 loss of $4,800 from the sale of investments. Reconcile a net income of $71,000 to net cash flows from operating activities.

Adjustments to net income-indirect method Congress Corporation's accumulated depreciation-equipment account increased by $6,200 while $4,000 of patent smortization 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 loss of $4,800 from the sale of investments: Reconcile a net income of $71,000 to net cash flows from operating activities. 1 djustments to nes income-indirect method tongress Corporation's accumulated depreciation-equipment account increased by $6,200 while $4,000 of patent amortization was recognized between bsiance sheet 1ates. There were no purchases or sales of depreciable or intangible assets during the vear, in addition, the income statement showed a loss of $4,800 from the sale of nvestments. Reconcile a net income of $71,000 to net cash flows from operating activities. x. Frether Vorial My wor Consider how each of the above mentioned items would have affected the income statement. What joumal entry would have been made to record these transactions? Do these items have an affect on cash? Would any of these transactions appear in a different portion of the statecnent of cash flows

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