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

Asset and Contra-Asset Accounts Liabilities and Equity Accounts Cash $ 18 D Accounts payable $ 56 I Accounts receivable $ 22 I Accrued liabilities $ 22 D Inventory $ 54 D Income taxes payable $ 27 I Prepaid expenses $ 17 I Bonds payable $ 188 I Long-term investments $ 19 D Common stock $ 88 D Property, plant, and equipment $ 365 I Retained earnings $ 76 I Accumulated depreciation $ 76 I

D = Decrease; I = Increase.

Long-term investments that had cost the company $19 were sold during the year for $42, and land that had cost $41 was sold for $22. In addition, the company declared and paid $16 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 companys income statement for the year follows:

Sales $ 960 Cost of goods sold 418 Gross margin 542 Selling and administrative expenses 400 Net operating income 142 Nonoperating items: Loss on sale of land $ (19) Gain on sale of investment 23 4 Income before taxes 146 Income taxes 54 Net income $ 92

The companys beginning cash balance was $124 and its ending balance was $106.

Required: 1. Using the indirect method, determine the net cash provided by / used in operating activities for the year. (List any deduction in cash and cash outflows as negative amounts.) 2. Prepare a statement of cash flows for the year. (List any deduction in cash and cash outflows as negative amounts.)