The following changes took place last year in Pavolik Company's balance sheet accounts:

$\backslash$table$[[$Asset and Contra$-$asset Accounts,,Liabilities and Stockholders' Equity Accounts$],[$Cash and cash equivalents,$ $21D,$Accounts payable$],[$Accounts receivable,$$25$I,Accrued liabilities$],[$Inventory$,$$$60$ D$,$Income taxes payable$],[$Prepaid expenses,$$20$I,Bonds payable$],[$Long$-$term investments,$$22D,$Common stock$],[$Property$,$ plant, and equipment,$$410$I,Retained earnings$],[$Accumulated depreciation,$$85$I,$]]$

$D=$ Decrease ;$I=$Increase.

Long$-$term investments costing $$22$ were sold for $$48$ and land costing $$47$ was sold for $$25.$ In addition, the company paid $$19$ cash dividends. Besides the sale of land, no other sales or retirements of plant and equipment took place during the year. Pavoli not retire any bonds or issue common stock.

The company's income statement for the year follows:

$\backslash$table$[[$Sales$,,$$$1,050$