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 $ 27 D Accounts payable $ 83 I Accounts receivable Inventory $ 31 I Accrued liabilities $ 31 D $ 72 D Income taxes payable $ 36 I Prepaid expenses $ 26 I Bonds payable $ 260 I Long-term investments $ 28 D Common stock $ 124 D Property, plant, and equipment $ 500 I Retained earnings $ 103 I $ 103 I Accumulated depreciation D = Decrease; I = Increase. Long-term investments that cost the company $28 were sold during the year for $60 and land that cost $59 was sold for $31. In addition, the company declared and paid $25 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.