The following changes took place last year in Pavolik Company's balance sheet accounts: Liabilities and Equity Accounts Asset and Contra-Asset $29 D Accounts payable $89 I s76 D Income taxes 28Bonds payable Cash Accounts receivable S33 Accrued liabilities $33 D $38 I Prepaid expenses Long-term investments $30 D Common stock $ Property, plant, and 530 Retained eamings equipment D Decrease; I = Increase. Long-term investments that had cost the company $30 were sold during the year for $64, and land that had cost $63 was sold for $33. In addition, the company declared and paid $27 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 ssue any new common stock. The company's income statement for the year follows: Sales Cost of goods sold $1,290 572 Gross margin Selling and administrative expenses 208 Net operating income Nonoperating items: Loss on sale of land Gain on sale of $(30) investment Income before taxes Income taxes 212 76 Net income S 136 The company's beginning cash balance was $146 and its ending balance was $117