The following changes took place last year in Pavolik Company's balance sheet accounts: Asset and Contra-Asset Accounts Cash Accounts receivable Inventory Liabilities and Stockholders' Equity Accounts Accounts payable $ 8 D $ 12 I Accrued liabilities $ 34 D Income taxes payable Prepaid expenses $ 7 I Bonds payable Long-term investments $ 9 D Common stock. Property, plant, and equipment $ 215 I Retained earnings $ 46 I $261 $ 12 D $ 171 $ 108 I $ 48 D $ 461 Accumulated depreciation D = Decrease; I = Increase. Long-term investments that cost the company $9 were sold during the year for $22 and land that cost $21 was sold for $12. In addition, the company declared and paid $6 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: Loss on sale of land $ 660 278 382 300 82 $ (9) 13 4 86 34 $ 52 Gain on sale of investments Income before taxes Income taxes Net income The company's beginning cash balance was $104 and its ending balance was $96.