CH 15The following changes took place last year in Pavolik Companys balancesheet accounts:Asset and Contra-AssetAccountsLiabilities and Stockholders'Equity AccountsCash$34 DAccounts payable$104 IAccounts receivable$38 IAccrued liabilities$38 DInventory$86 DIncome taxes payable$43 IPrepaid expenses$33 IBonds payable$316 ILong-term investments$35 DCommon stock$152 DProperty, plant, andequipment$605 IRetained earnings$124 IAccumulateddepreciation$124 ID = Decrease; I = Increase.Long-term investments that cost the company $35 were sold during the yearfor $74 and land that cost $73 was sold for $38. In addition, the companydeclared and paid $32 in cash dividends during the year. Besides the sale ofland, no other sales or retirements of plant and equipment took place duringthe year. Pavo