3 The folloing changes took place last year In Pavolik Company's balance sheet accounts: Asset and Contra-Asset Account Cash Accounta receivable $ 77 I $ 29 D $ 34 I 5 244 I $116 D S 97 I $ 25 D Account #payablc $ 29 I Acerued liabilities points Prepaid expense Long-term investment: Property, plant, and equipment Accumulated depreciation 68 D Inome taxes payable 24 I Bonds payable 5 26 onmon stock $47e1 Retained amines $ 97 I D = Decrease: I = Increase Long-term Investments that cost the company $26 were sold during the year for $56 and land that cost $55 was sold for $29. In addition, the comp ny declared and paid $23 In cash dividends during the year. Besides the sale of land, no other sales or retirements of plant and equipment took plac during the year, Pavollk did not retire any bonds during the year or lssue any new common stock. The company's Income statement for the year follows: Sales Cost of goods sold Gross margin Selling and dmini tr tive expense s Net operating income Nonoperatine itens $1,17e 516 654 478 184 s (26) Gain on #ale of investments Income before taxes 3e 188 63 Net income $ 12 The company's beginning cash balance was $138 and its ending balance was $113 Required: 1. Use the Indirect method to determine the net cash provided by operating activities for the year 2. Prepare a statement of cash fiows for the year Answer is complete but not entirely correct. Complete this question by entering your answers in the tabs below. 3 The folloing changes took place last year In Pavolik Company's balance sheet accounts: Asset and Contra-Asset Account Cash Accounta receivable $ 77 I $ 29 D $ 34 I 5 244 I $116 D S 97 I $ 25 D Account #payablc $ 29 I Acerued liabilities points Prepaid expense Long-term investment: Property, plant, and equipment Accumulated depreciation 68 D Inome taxes payable 24 I Bonds payable 5 26 onmon stock $47e1 Retained amines $ 97 I D = Decrease: I = Increase Long-term Investments that cost the company $26 were sold during the year for $56 and land that cost $55 was sold for $29. In addition, the comp ny declared and paid $23 In cash dividends during the year. Besides the sale of land, no other sales or retirements of plant and equipment took plac during the year, Pavollk did not retire any bonds during the year or lssue any new common stock. The company's Income statement for the year follows: Sales Cost of goods sold Gross margin Selling and dmini tr tive expense s Net operating income Nonoperatine itens $1,17e 516 654 478 184 s (26) Gain on #ale of investments Income before taxes 3e 188 63 Net income $ 12 The company's beginning cash balance was $138 and its ending balance was $113 Required: 1. Use the Indirect method to determine the net cash provided by operating activities for the year 2. Prepare a statement of cash fiows for the year Answer is complete but not entirely correct. Complete this question by entering your answers in the tabs below