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.) Prepare the statement of cash flows (indirect method) for Majestic Travel Services, Inc., for 2017 Services, Inc., for 2017 Prepare the statement one section at a time. (Use parentheses or a minus sign for numbers to be subtracted and decreases in cash.) Majestic Travel Services, Inc. Statement of Cash Flows--Operating Activities Section (Indirect Method) For the Year Ended December 31, 2017 Operating Activities: Adjustments to reconcile net income to cash basis: Choose from any list of enter any number in the input fields and then click Check Answer 3 Parts remaining Clear All MacBook Air LO 2 11 3 $ 4 % 5 8 B toh 14 Balance Sheet B 1 2 Majestic Travel Services, Inc. Comparative Balance Sheets December 31, 2017 and 2016 Assets 2017 3 4 2016 5 Current assets: 6 Cash 7 Accounts receivable 8 Inventory 9 Prepaid insurance 10 Total current assets 41,000 $ 16,000 77,000 79,000 55,000 19,000 10,000 11,000 $ 183,000 S 125,000 11 $ 102,000 $ 117,000 12 Land 13 Equipment 14 Less: Accumulated depreciation 79,000 61,000 (10.000) (17,000) Print Done MacBook Air A ork 4 of 5 (1 complete) TO Balance Sheet tic 15 Total assets $ 347,000 $ 293,000 laje 16 ese 17 Liabilities 18 Current liabilities: cies ber3 19 Accounts payable 20 Wages payable 21 Interest payable 22 Income taxes payable 23 Total current liabilities $ 26,000$ 39,000 33,000 26,000 15,000 14,000 11,000 8,000 $ 85,000 $ 87,000 24 25 Notes payable (long-term) 26 Total liabilities 93,000 84,000 $ 178,000 $ 171,000 27 28 Stockholders' equity 29 Common stock 30 Retained earnings 31 Total stockholders' equity $ 136,000 $ 119,000 33,000 3,000 $ 169,000 $ 122,000 32 33 Total liabilities and equity $ 347,000 $ 293,000 input field Print Done CH a mill Transactions stion 2017 a. Land was sold for $11,000. 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 $10,000. Print Done