Task 3. Answer this exercise. (20 PTS) Example Exercise 16-2 Adjustments to Net Income-Indirect Method OBJ. 2 Omni Corporation's accumulated depreciation increased by $12,000, while $3,400 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 gain of $4,100 from the sale of land. Reconcile Omni's net income of $50,000 to net cash flow from operating activities. Task 4. Answer this exercise. (20 PTS) Example Exercise 16-3 Changes in Current Operating Assets and OBJ. Liabilities-Indirect Method 2 Victor Corporation's current operating assets and liabilities from the company's comparative balance sheet were as follows: Dec. 31, 2013 Dec. 31, 2012 Accounts receivable $ 6,500 $ 4,900 Inventory 12.300 15,000 Accounts payable 4,800 5,200 Dividends payable 5,000 4,000 Adjust Victor's net income of $70,000 for changes in operating assets and liabilities to arrive at cash flows from operating activities