The comparative balance sheet for Seaway Travel Services, Inc., for December $31,2023$ and $2022,$ is as follows:

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The following information is taken from the records of Seaway Travel Services, Inc.:

View the transaction data.

Seaway 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 $2023.($Use

parentheses or a minus sign for numbers to be subtracted or net cash outflow.$)$

Seaway Travel Services, Inc.

Statement of Cash Flows$-$Operating Activities Section $($Indirect Method$)$

For the Year Ended December $31,2023$

Operating Activities:

Net income

Adjustments to reconcile net income to cash basis:

Seaway Travel Services, Inc. Statement of Cash Flows$$Operating Activities Section $($Indirect Method$)$ For the Year Ended December $31,2023$

Operating Activities:

Net income

Adjustments to reconcile net income to cash basis.

$$ Screenshot $2024-0...$

Transactions

a$.$ Land was sold for $$13,000.$

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 $2023$ was $$40,000.$

f$.$ Cash dividends paid during the year were $$5,000.$

Liabilities

Current liabilities:

Accounts payable

Wages payable

Interest payable

Income taxes payable

Total current liabilities

Notes payable $($long$-$term$)$

Total liabilities

Stockholders' equity

Common stock

Retained earnings

Total stockholders' equity

Total liabilities and equity

$ $125,000$$$115,000$