or Majestic Corporation began the year with accounts receivable, inventory, and prepaid expenses totaling $62,000. Al the end of the year, Majestic had a total of $71,000 for these year, t owed cument iabilities of $48,000, and at year-end, expense of $8,000 cument liabilities totaled $46,000 Net income for the year was $87,000 Included in net income was a $2,000 gain on the sale of land and depreciation current assets. At the beginning of the Show tow Majestic should report cash tows trom operating activites for the yeer. The company uses the indirect method (Use parentheses or a minus sign for numbers to be subtracted ) Majestic Cerporation Statement of Cash Flows -Operating Activities Section (Indirect Method) For the Year Ended Cash fows from operating activities Adjustments to reoonile net income to net cash provided by operating actviis Net cash provided by (used for) operating actves