Check my wor The following changes took place last year in Pavolik Company's balance sheet accounts: Asset and Contra-Asset Accounts Liabilities and Stockholders' Equity Accounts Cash $ 23 D Accounts payable $ 71 I Accounts receivable Accrued liabilities $ 27 D Inventory $ 64D Income taxes payable $ 32 1 Prepaid expenses $ 22 I Bonds payable $228 I Long-term investments $ 24D Common stock $108 D Property, plant, and equipment $440 I Retained earnings $ 91 I Accumulated depreciation $ 91 1 D = Decrease; 1 = Increase. Long-term investments that cost the company $24 were sold during the year for $52 and land that cost $51 was sold for $27. In addition, the company declared and paid $21 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: $1,110 488 622 450 172 Sales Cost of goods sold Gross margin Selling and administrative expenses Net operating income Nonoperating items: Loss on sale of land Gain on sale of investments Income before taxes Income taxes Net income $(24) 28 - 4 $ 112 $1,110 488 622 450 Sales Cost of goods sold Gross margin Selling and administrative expenses Net operating income Nonoperating items: Loss on sale of land Gain on sale of investments Income before taxes Income taxes Net income $(247 28 64 $ 112 The company's beginning cash balance was $134 and its ending balance was $111. 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. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Use the indirect method to determine the net cash provided by operating activities for the year. (Adjustment amounts that are to be deducted should be indicated with a minus sign.) Pavolik Company Statement of Cash Flows (partial)