Balance Sheet The comparative balance sheet for Majestic Travel Services, Inc., for December 31, 2017 and 2016, is as follows: (Click the icon to view the comparative balance sheet.) The following information is taken from the records of Majestic Travel Services, Inc.: (Click the icon to view the transaction data.) Majestic Travel Services, Inc., uses the indirect method for preparing the statement of cash flows. Prepare the operating section of the statement of cash flows for 2017. (Use parentheses or Majestic Travel Services, Inc. Comparative Balance Sheets December 31, 2017 and 2016 - X Transactions Assets 2017 2016 Majestic Travel Services, Inc. Statement of Cash FlowsOperating Activities Section (Indirect Method) For the Year Ended December 31, 2017 Operating Activities: Current assets: Cash $ Accounts receivable 41,000 $ 18,000 77,000 83,000 63,000 16,000 9,000 11,000 Adjustments to reconcile net income to cash basis: a. Land was sold for $12,700. b. Equipment was purchased for cash. c. There were no disposals of equipment during the year. d. The common stock was issued for cash. e. Net income for 2017 was $40,000. f. Cash dividends paid during the year were $5,000. Inventory Prepaid insurance Total current assets $ 190,000 $ 128,000 Print Done Land Equipment $ 106,000 $ 122,000 82,000 55,000 (22,000) (16,000) Less: Accumulated depreciation $ 356,000 $ 289,000 Total assets Liabilities Net cash provided by (used for) operating activities Current liabilities: Accounts payable $ 28,000 $ 39,000 29,000 25,000 Wages payable Choose from any list or enter any number in the input fields and then click Check Answer. Print Done Alnarte chowina ar A