The company's income statement for the year follows Sales $1,500 Cost of goods sold Gross margin Selling and administrative 670 830 580 expenses Net operating income Nonoperating items: 250 sale of land Loss on $(37) Gain on sale of investments 41 4 Income before taxes 254 Income taxes 90 Net income 164 The company's beginning cash balance was $160 and its ending balance was $124 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. The following changes took plae last year in Pavolik Company's balance sheet accounts Liabilities and Stockholders' Equity Asset and Contra-Asset Accounts Accounts Cash and cash equivalents $ 36 D $40 I $90 D $ 35 I 37 D Property, plant, and equipment $635 I Accounts payable $110 I $ 40 D $45 I Accounts receivable Accrued liabilities Income taxes payable Bonds payable Common stock Retained earnings Inventory Prepaid expenses Long-term investments $332 I $160 D $130 I Accumulated depreciation $130 I D Decrease; I Increase Long-term investments that cost the company $37 were sold during the year for $78 and land that cost $77 was sold for $40, In addition, the company declared and paid $34 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 $1,500 Cost of goods sold Gross margin Selling and administrative 670 830 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) Required 2 Prepare a statemnt of cash flows for the year. (List any deduction in cash and cash outflows as negative amounts.) Pavolik Company Statement of Cash Flows Operating activities Investing activities Financing activities: Beginning caoh and cash equivalents Ending cash and cash equivalents