The following changes took place last year In Pavolik Company's balance sheet accounts: lities and Stockholders' Equity Accounts Asset and Contra-Asset Accounts Cash Accounts receivable Inventory Prepaid expenses Long-term investments Property, plant, and equipment Accumulated depreciation 53 I 21 D $ 26 I 188 I $ 84 D $73 I S 17D Accounts payable 21 I Accrued 1iabilities S 52D Incone taxes payable 16 Bonds payable $ 18D Common stock 35e Retained earnings $ 73 I D Decrease: I = Increase Long-term Investments that cost the company $18 were sold during the year for $40 and land that cost $39 was sold for $21. In addition, the company declared and pald $15 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 Cost of goods sold Gross margin Selling and administrative expenses Net operating income Nonoperating items: $93e 484 526 398 136 Loss on sale of land s (18) Gain on sale of investments Income before taxes Income taxes Net incone 148 52 $ 88 The company's beginning cash balance was $122 and its ending balance was $105. Required: 1. Use the Indirect method to determine the net cash provided by operating activitles 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 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 Gain on sale of investments Income before taxes Income taxes Net income 148 S2 The company's beginning cash balance was $122 and its ending balance was S105. 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 1Required 2 Prepare a statement of cash flows for the year. (List any deduction in cash and cash outflows as negative amounts.) avolik Statement of Cash Flows Operating activities: Investing activities Financing activites Beginning cash and cash equivalents Ending cash and cash equivalents Required 1