The following changes took place last year in Pavolik Company's balance sheet accounts: Asset and Contra-Asset...

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The following changes took place last year in Pavolik Company's balance sheet accounts: Asset and Contra-Asset Accounts Cash Accounts receivable. Inventory Prepaid expenses Long-term investments Property, plant, and equipment Liabilities and Stockholders' Equity Accounts Accounts payable $ 18 D $ 221 Accrued Liabilities $ 54 0 Income taxes payable $ 17 I Bonds payable $ 19 D Common stock $ 365 I Retained earnings $ 76 I $ 56 7 $ 22 D $271 $188 1 $ 880 $ 76 I Accumulated depreciation D Decrease; I Increase. Long-term investments that cost the company $19 were sold during the year for $42 and land that cost $41 was sold for $22. In addition, the company declared and paid $16 in cash dividends during the year. 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 during the year or issue any new 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 Nonoperating itens: Loss on sale of land Gain on sale of investments Income before taxes Income taxes $ 960 418 542 400 142 $(19) 23 146 54 592 The company's beginning cash balance was $124 and its ending balance was $106. Net income The following changes took place last year in Pavolik Company's balance sheet accounts: Asset and Contra-Asset Accounts Cash Accounts receivable. Inventory Prepaid expenses Long-term investments Property, plant, and equipment Liabilities and Stockholders' Equity Accounts Accounts payable $ 18 D $ 221 Accrued Liabilities $ 54 0 Income taxes payable $ 17 I Bonds payable $ 19 D Common stock $ 365 I Retained earnings $ 76 I $ 56 7 $ 22 D $271 $188 1 $ 880 $ 76 I Accumulated depreciation D Decrease; I Increase. Long-term investments that cost the company $19 were sold during the year for $42 and land that cost $41 was sold for $22. In addition, the company declared and paid $16 in cash dividends during the year. 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 during the year or issue any new 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 Nonoperating itens: Loss on sale of land Gain on sale of investments Income before taxes Income taxes $ 960 418 542 400 142 $(19) 23 146 54 592 The company's beginning cash balance was $124 and its ending balance was $106. Net income