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 Increase in wages payable Increase in interest payable 15,000 1,000 2,000 (10,400) Increase in income taxes payable Net cash provided by (used for) operating activities Investing Activities: $ 29,600 Net cash provided by used for) investing activities i Transactions b. Fa a. Land was sold for $7,400. Equipment was purchased for cash. There were no disposals of equipment during the year. The common stock was issued for cash. Net income for 2017 was $40,000. Cash dividends paid during the year were $4,000. Print Done Comparative Balance Sheets December 31, 2017 and 2016 Assets 2017 2016 Current assets: $ 43,000 $ 75,000 19,000 82,000 Cash Accounts receivable Inventory Prepaid insurance Total current assets 60,000 15,000 22,000 17,000 $ 193,000 $ 140,000 Land $ 105,000 $ 116,000 81,000 53,000 Equipment Less: Accumulated depreciation (19,000) (14,000) 350,000 $ 295,000 Total assets $ Liabilities Current liabilities: Accounts payable $ Wages payable Interest payable 24,000 $ 33.000 14.000 12,000 32,000 18,000 13,000 10,000 Income taxes payable Total current liabilities $ 83,000 $ 73,000 Total current liabilities $ 83,000 $ 73,000 101,000 92,000 Notes payable (long-term) Total liabilities $ 184,000 $ 165,000 Stockholders' equity Common stock $ 128,000 $ 118,000 48,000 12.000 Retained earnings Total stockholders' equity $ 176,000 $ 130,000 $ 360,000 $ 295,000 Total liabilities and equity Print Done