65 Roble Corporation's balance sheet and income statement appear below: Comparative Balance Sheet Ending Beginning Balance Balance Assets: Cash and cash equivalents.. $ 28 $ 22 Accounts receivable ........ 61 Inventory ....... 45 47 Plant and equipment 658 520 Accumulated depreciation... (296) (288) Total assets....... $500 $362 Liabilities and stockholders' equity: Accounts payable .. $ 28 $ 29 Wages payable 22 20 Taxes payable.. 28 24 Bonds payable. 151 200 Deferred taxes. 17 Common stock 55 50 Retained earnings. 200 Total liabilities and stockholders' equity... $500 $362 16 22 Income Statement Sales. $1,485 Cost of goods sold.. 989 Gross margin...... 496 Selling and administrative expense. 172 Net operating income. 324 Gain on sale of plant and equipment... 19 Income before taxes..... 343 Income taxes Net income $ 240 Cash dividends were $62. The company sold equipment for $19 that was originally purchased for $5 and that had accumulated depreciation of $3. The net cash provided by (used by) operations for the year was: 103 A. $255 B. $236 C. $324 D. $298