The following changes took place last year in Pavolik Companys balance sheet accounts: Asset and Contra-Asset Accounts Liabilities and Equity Accounts Cash $ 13 D Accounts payable $ 41 I Accounts receivable $ 17 I Accrued liabilities $ 17 D Inventory $ 44 D Income taxes payable $ 22 I Prepaid expenses $ 12 I Bonds payable $ 148 I Long-term investments $ 14 D Common stock $ 68 D Property, plant, and equipment $ 290 I Retained earnings $ 61 I Accumulated depreciation $ 61 I D = Decrease; I = Increase. Long-term investments that had cost the company $14 were sold during the year for $32, and land that had cost $31 was sold for $17. In addition, the company declared and paid $11 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 companys income statement for the year follows: Sales $ 810 Cost of goods sold 348 Gross margin 462 Selling and administrative expenses 350 Net operating income 112 Nonoperating items: Loss on sale of land $ (14) Gain on sale of investment 18 4 Income before taxes 116 Income taxes 44 Net income $ 72 The companys beginning cash balance was $114 and its ending balance was $101. Required: 1. Using the indirect method, determine the net cash provided by / used in operating activities for the year. (List any deduction in cash and cash outflows as negative amounts.) 2. Prepare a statement

10.00 points The following changes took place last year in P olk C mpanys balance sheet Asset and Contra Asset Accounts Liabilities and Equity Accounts s 13 D Accounts payable Accounts receivable 17 L bilities Income taxes payable Long-term investme 4 D Common stock 68 D Property, plant, and eq 290 Retained Accumulated depreciat ong-term investme nts that had cost th were sold during the year for S32 nd that $17. In addition, the company declared and paid S n cash dividends dur year. Besides the sale of land no other sales or retirements of plant and equipment took place during the year Pavol not retire bonds during ear 33Ue any new common stock. The company's me statement forthe year follows. S 810 Cost of goo Gross margin Selling and ad strative expenses Net operating income Nonoperating items le of land le of investment Income before ta Income taxes The companys beginning cash balance was 4 and taending balance was S101. Required thod, determi the net cash provided by used operating activities for the ye Using the (Lust any deduction in cash and cash outflows as negative amounts.) Pavolik Company Statement Flows Indirect Method Adustments to convert net Income to acash basis 2. Prepare a statement of cash flows ror the year. (List any deduction in cash and cash outnowe as ollk Company Flows Indirect Method operating activitie Investing activities: Financing actvites Beginning cash and cash equivalents Ending cash and cashequivalents