The following changes took place last year in Pavolik Company's balance sheet accounts: Asset and Contra-Asset Accounts Cash $ 310 Liabilities and Stockholders' Equity Accounts Accounts payable $ 951 Accounts receivable $ 357 Accrued liabilities $ 35.0 Inventory $ 800 Income taxes payable $ 401 Prepaid expenses $ 301 Bonds payable $2921 Long-term investments $320 Common stock Property, plant, and equipment $560 I $115I Retained earnings $140 D $1157 Accumulated depreciation. D Decrease; 1-Increase. Long-term investments that cost the company $32 were sold during the year for $68 and land that cost $67 was sold for $35. In addition, the company declared and paid $29 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 $1,350 600 750 530 220 5(32) Activer Windows