Ending Balance 56,200 Beginning Balance 66, 950 Cash and cash equivalents Accounts receivable Inventory Total current assets 47,100 63,200 50, 600 57,500 175,050 161,000 166,500 171,000 Property, plant, and equipment Less accumulated 57,000 depreciation Net property, plant, and equipment Total asets 40,250 114,000 120,750 280,500 S 295,800 Accounts payablo Income taxes payable Bonds payable Common stock Retained earnings Total liabilities and stockholders' equity 36, 800 28,700 69, 000 80,500 5, s00 65, 500 33,800 57,500 69, 000 70,000 280, 500 S 295, 800 During the year, Ravenna paid a $6.900 cash dividend and it sold a piece of equipment for $3.450 that had originally cost $7,200 and had accumulated depreciation of $4,800. The company did not retire any bonds or repurchase any of its own common stock during the year. 9-a. What is the amount and direction (+ or-) of the income taxes payable adjustment to net income in the operating activities section of the statement of cash flows? 9-b. What does this adjustment represent