Annet and Contra-Asset Accounts Camb Accounts receivable Inventory Prepaid expenses Long-term investments Property, plant, and equipment Accumulated depreciation D Decrease; 1-Increase. Liabilities and Stockholders' Equity Accounts $70 Accounts payable $232 Accrued liabilities $110 Income taxes payable $161 Bonds payable Common stock $ 100 I $44 D Retained earnings $ 43.1 $111 $ 32D $61 $ 80 $200 5432 Long-term investments that cost the company $8 were sold during the year for $20 and land that cost $19 was sold for $11. In addition, the company declared and paid $5 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 Bonoperating items Loss on sale of land Gain on sale of investments Income before taxes Income tax Set income $630 264 366 290 76 $ (8) 12 32 348