The following changes took place last year in Pavolik Companys balance sheet accounts:

Asset and Contra-Asset Accounts Cash Accounts receivable Inventory Prepaid expenses Long-term investments Property, plant, and equipment Accumulated depreciation Liabilities and Stockholders' Equity Accounts $ 104 I S 38 D 43 I $ 316 I $152 D 124 I 5 34 D Accounts payable $ 38 I Accrued liabilities $ 86D Income taxes payable 5331 Bonds payable $ 35 D Comn stock S605 I Retained earnings 124 I 0.83 points D Decrease: I Increase Long-term investments that cost the company $35 were sold during the year for S74 and land that cost $73 was sold for $38. In addition, the company declared and paid $32 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. Skipped eBook The company's income statement for the year follows Hint Sales Cost of goods sold Gross margin Selling and administrative expenses Net operating income Nonoperating items: $1,440 642 798 560 238 Loss on sale of land $ (35) 39 Gain on sale of investments Income before taxes Income taxes Net income 242 $ 156 The company's beginning cash balance was $156 and its ending balance was $122 7 Required: 1. Use the indirect method to determine the net cash provided by operating activities for the year. 2. Prepare a statement of cash flows for the year. 0.83 points Complete this question by entering your answers in the tabs below Required 1 Required 2 eBook Hint References Use the indirect method to determine the net cash provided by operating activities for the year. (Adjustment amounts that are to be deducted should be indicated with a minus sign.) Pavolik Company Statement of Cash Flows (partial) Required 1Required 2 7 Use the indirect method to determine the net cash provided by operating activities for the year. (Adjustment amounts that are to be deducted should be indicated with a minus sign.) Pavolik Company Statement of Cash Flows (partial) 0.83 points Skipped eBook Hint References