The following changes took place last year in Pavolik Company's balance sheet accounts: Liabilities and Stockholders' Asset and Contra-Asset Accounts Equity Accounts Cash and cash $ 23 D Accounts payable $ 71 1 equivalents Accounts receivable $ 271 Accrued liabilities $ 27 D Inventory $ 64 D Income taxes payable $ 32 I Prepaid expenses $ 22 I Bonds payable $228 I Long-term investments $ 24 D Common stock $108 D Property, plant, and $440 I Retained earnings $ 91 1 equipment Accumulated depreciation $ 91 I D = Decrease; I = Increase. Long-term investments that cost the company $24 were sold during the year for $52 and land that cost $51 was sold for $27. In addition, the company declared and paid $21 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: $1,110 488 622 450 172 Sales Cost of goods sold Gross margin Selling and administrative expenses Net operating income Nonoperating items: Loss on sale of land Gain on sale of investments Income before taxes Income taxes Net income ) $(24) 28 4 176 64 $ 112 The company's beginning cash balance was $134 and its ending balance was $111. 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. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Prepare a statement of cash flows for the year. (List any deduction in cash and cash outflows as negative amounts.) Pavolik Company Statement of Cash Flows Operating activities: Investing activities: Proceeds from sale of long-term investments Proceeds from sale of land Additions to property, plant & equipment 0 Net cash used in investing activities Financing activities: Issuance of bonds payable Purchase of common stock Cash dividends paid 0 0 Net cash provided by financing activities Net decrease in cash and cash equivalents Beginning cash and cash equivalents Ending cash and cash equivalents $ 0