Pearl Corporation’s accumulated depreciation—furniture account increased by $8,400, while $3,080 of patent amortization was recognized between balance sheet dates. There were no purchases or sales of...

Pearl Corporation’s accumulated depreciation—furniture account increased by $8,400, while $3,080 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 $4,480 from the sale of land. Reconcile a net income of $120,400 to net cash flow from operating activities.