Adjustments to net income-indirect method Lighthouse Corporation's accumulated depreciation-equipment account increased by $7,800 while $5,000...
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Adjustments to net income-indirect method Lighthouse Corporation's accumulated depreciation-equipment account increased by $7,800 while $5,000 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 $5,900 from the sale of investments. Reconcile a net income of $88,400 to net cash flows from operating activities. X Feedback Check My Work Consider how each of the above mentioned items would have affected the income statement. What journal entry would have been made to reco the transactions? Do these items have an affect on cash? Would any of these transactions appear in a different portion of the statement of cash flows
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Adjustments to net income-indirect method Lighthouse Corporation's accumulated depreciation-equipment account increased by $7,800 while $5,000 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 $5,900 from the sale of investments. Reconcile a net income of $88,400 to net cash flows from operating activities. X Feedback Check My Work Consider how each of the above mentioned items would have affected the income statement. What journal entry would have been made to reco the transactions? Do these items have an affect on cash? Would any of these transactions appear in a different portion of the statement of cash flows 