ces The following changes took place last year in Pavollk 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 $ 28 D Accounts payable $ 86 I $ 321 Accrued liabilities $ 320 $740 Income taxes payable $ 371 $272 Bonds payable $ 268 I $ 29 D Common stock $128 D $ 515 1 Retained earnings $ 106 I $106 Accumulated depreciation D Decrease; 1-Increase. Long-term Investments that cost the company $29 were sold during the year for $62 and land that cost $61 was sold for $32. In addition, the company declared and paid $26 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 items: Loss on sale of land $1,260 558 702 500 202 Gain on sale of investments Incone before taxes Income taxes Net income $ (29) 35 206 24 $ 132 The company's beginning cash balance was $144 and its ending balance was $116 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.