$ 351 The following changes took place last year in Pavolik Company's balance sheet accounts: Asset and Contraset Accounts Habities and stockholders' Equity Accounts Cash and cash equivalents 5 SD Accounts payable Accounts receivable $110 1 Acered liabilities $ 4D Inventory $ 70D Income taxes payable $HI Prepaid expenses $ 91 Bonds payable 5150 1 Long-term investments $ 6D Common stock $ 80D Property, plant, and equipment $185 1 Retained earnings $ 541 Accumulated depreciation $ 601 D-Decrease; - Increase. Long-term investments that cost the company $6 were sold during the year for $16 and land that cost $15 was sold for $9. In addition, the company declared and paid $30 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: $700 400 300 184 116 Sale Cont of goods sold Cross margin Selling and administrative expenses Het operating income Nonoperating Items Loss on sale of land Cain on sale of investimenta Income before taxe Income taxe Net Income 5 (6) 10 120 36 The company's beginning cash balance was $90 and its ending balance was $85. Required: 1. Use the indirect method to determine the net cash provided by operating activities for the year 2. Prepare a statement of cash flows for the year