Majestic Corporation began the year with accounts receivable, inventory, and prepaid expenses totaling $67,000. At the end of the year, Majestic had a total of $77,000 for these current assets. At the beginning of the year, It owed current liabilities of $42,000, and at year-end, current liabilities totaled $39,000. Net income for the year was $80,000. Included in net Income was a $6,000 gain on the sale of land and depreciation expense of $7,000. Show how Majestic should report cash flows from operating activities for the year. The company uses the Indirect method. (Use parentheses or a minus sign for numbers to be subtracted.) Majestic Corporation Statement of Cash Flows-Operating Activities Section (Indirect Method) Cash flows from operating activities: Net Income For the Year Ended Adjustments to reconcile net income to net cash provided by operating activities: Depreciation expense Gain on sale of land Decrease in current liabilities Increase in accounts receivable, inventory, and prepaid expenses Net cash provided by (used for) operating activities Check answer