$\backslash$table$[[$Asset and Contra$-$asset Accounts$],[$Cash and cash equivalents,,Accounts payable,$],[$Accounts receivable,$$29O$ $$29$I,Accounts payable,$57715298],[$Inventory$,$$ $68$ D$,$Accrued liabilities Income taxes payable,$529$ D$],[$Prepaid expenses Long$-$term investments,$$681$ $$241,$Income taxes payable Bonds payable,$5341],[$Long$-$tern investments,$ $26$ D$,$Bonds payable Common stock,$52441],[$Property$,$ plant, and equipment,$ $4701,$Retained earnings,$511605971],[$Accumulated depreciation,$ $97$ I,,$8971]]$

$D=$ Decrease; $I=$ Increase.

Long$-$term investments costing $$26$ were sold for $$56$ and land costing $$55$ was sold for $$29.$ In addition, the company paid $$23$ in cash dividends. Besides the sale of land, no other sales or retirements of plant and equipment took place during the year. Pavolik did not retire any bonds or issue common stock.

The company's income statement for the year follows:

Sales

Cost of goods sold

Gross margin

Selling and administrative expenses

Net operating income

$*$onoperating items!

Loss on sale of $1$ and

Gisin on sale of Investments

Income before taxes

Income taxes

Net Incone

$\backslash$table$[[,[$$$1,170],[$$$16]$