The following changes took place last year in Pavolik Company's balance sheet accounts: Asset and Contra-Asset Accounts Cash Liabilities and Stockholders' Equity Accounts Accounts receivable $ 180 5221 Accounts payable $ 56 I Accrued liabilities $ 220 Inventory $ $4 D Income taxes payable $271 Prepaid expenses $171 Bonds payable $188 I Long-term investments $ 190 Common stock $880 Property, plant, and equipment $3651 Retained earnings $76 I $ 76 1 Accumulated depreciation D Decrease; I Increase. Long-term investments that cost the company $19 were sold during the year for $42 and land that cost $41 was sold for $22. In addition, the company declared and paid $16 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 liet operating Income Nonoperating items Loss on sale of land Gain on sale of investments Income before taxes Income taxes Net income $(19) 23 $960 418 542 200 142 4 146 54 $ 92