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The comparative balance sheet for Desmond Isle 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 Desmond Isle Travel Services, Inc.: (Click the icon to view the transaction data) 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. (Use parentheses or a minus sign for numbers to be subtracted or net cash outflow.) Desmond Isle 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: Net cash provided by (used for) operating activities 0 Balance Sheet Des! Statement of Cash Flow For the Operating Activities: Adjustments to reconcile net inco Desmond Isle Travel Services, Inc. Comparative Balance Sheets December 31, 2017 and 2016 Assets 2017 2016 Current assets: Cash $ 14,000 $ 13,000 Accounts receivable 78.000 87.000 Inventory 62,000 16.000 Prepaid insurance 10.000 12.000 Total current assets $ 164,000 $ 128,000 Land $ Equipment Net cash provided by (used for) 104,000 $ 115,000 83,000 55,000 (20,000) (13,000) 331,000 $ 285.000 Less: Accumulated depreciation $ Total assets Liabilities $ Current liabilities: Accounts payable Wages payable Interest payable 27,000 $ 26,000 14,000 7.000 35,000 24,000 13,000 5.000 77,000 Income taxes payable Total current liabilities $ 74,000 $ 97,000 89.000 Notes payable (long-term) Total liabilities $ 171,000 $ 166,000 Stockholders' equity Common stock $ Retained earnings 130,000 $ 114,000 30.000 5.000 160,000 $ 119.000 Total stockholders' equity $ $ 331,000 $ 285,000 Total liabilities and equity Print Done Net cash provided by (used for) operating 0 Transactions a. Land was sold for $7,700. 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 $31.000. f. Cash dividends paid during the year were $6,000. Print Done

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