The comparative balance sheet for Desmond Isle Travel Services, Inc., for December 31, 2017 and 2016. Is as follows: E (Cick the icon to view the comparative balance sheel.) The following infomation is taken from the records of Desmond Isle Travel Services, Inc.: 1 (Cick the icon to view the transaction data.) O Balance Sheet Desmond Isle 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. Desmond Isle Travel Services, Inc. Comparative Balance Sheets Desmond Isle Travel Services, Inc. December 31, 2017 and 2016 Statement of Cash Flows-Operating Activities Section (Indirect Mathod) Assets 2017 2016 For the Year Ended December 31, 2017 Current assets Operating Activities: Cash $ 45.000 S 19,000 Not income 39 000 Accounts receivable 82.000 84,000 Adjustments to recencile net income to cash basis. Inventory 55.000 21,000 Depreciation expense O Transactions 9 000 14,000 Prepaid insurance Loss on sale of land Total current assets $ 191,000 S 130,000 Decrease in accounts receivable a. Land was sold for $5.400 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 $39,000. f. Cash dividends paid during the year were 59,000. Increase in inventory Land 5 107.000 S 116,000 Decrease in prepaid insurance Equipment 78.000 60,000 Decrease in accounts payable Less: Accumulated deprecietion (21,000) (15.000) Increase in wages payable $ 355.000 S 299.000 Increase in intarast payable Total assets Increase in income taxes payable Print Done Liabilities Net cash provided by (used for) oparating activities Current Eabililies. Accounts payable S 25.000 S 34,000 Wages payable 28,000 24,000 Interest payable 15.000 14,000 11.000 9,000 Income taxes payable Total current Sabilities S 79,000 3 81,000 Notes payable (long-term) 93,000 85,000 Total liabilities $ 172,000 $ 166,000 Stockholders' equity Common stock $ 139,000 $ 119,000 44,000 14,000 Retained earnings Total stockholders' equity $ 183,000 $ 133,000 $ 355,000 $ 299,000 Total liabilities and equity