Martin Corporation’s accumulated depreciation-furniture increased by $10,500, while $3,850 of… 2 answers below »

Adjustments to net income-indirect method

Martin Corporation’s accumulated depreciation-furniture increased by $10,500, while $3,850 of patents were amortized 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 $5,600 from the sale of land. Reconcile a income of $150,500 to net cash flow from operating activities.

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