The comparative balance sheet for Majestic Travel Services, Inc., for December 31, 2017 and 2016, is as follows: (dlick 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 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 Derating Activities: e from any list or enter any number in the input fields and then click Check Answer Majestic Travel Services, Inc. Comparative Balance Sheets December 31, 2017 and 2016 Assets 2017 2016 Current assets Cash 19.000 82.000 Accounts receivable 43,000 $ 75,000 60.000 15,000 Inventory 22.000 17,000 Prepaid insurance H00 on to Print Done Balance Sheet Prepaid msurance Total current assets $ 193,000 $ 140,000 Land Equipment $ 105,000 $ 116,000 81,000 53,000 (19,000) (14,000) $ 360,000 $ 295,000 Less: Accumulated depreciation Total assets Liabilities Current liabilities: Print Done i Balance Sheet Current liabilities: Accounts payable Wages payable Interest payable 24,000 $ 32,000 33,000 18,000 14,000 13.000 12,000 10,000 Income taxes payable Total current liabilities 83,000 $ 73,000 101.000 92,000 Notes payable (long-term) Total liabilities $ 184,000 $ 165,000 Print Done a. Land was sold for $7,400. 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 $40,000. f. Cash dividends paid during the year were $4,000