(SOLVED) Motorsports of Miami Inc reported the following financial sta


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Motorsports of Miami, Inc., reported the following financial statements for 2010:Motorsports of Miami, Inc.Income StatementYear Ended December 31, 2010(In thousands)Service revenue……………………. $770Cost of goods sold……………….. 330Salary expense…………………….. 40Depreciation expense …………… 30Other expenses……………………. 170 Total expenses…………………….. 570 Net income ………………………… $200_x0001_Compute the following investing cash flows: (Enter all amounts in thousands.)a. Acquisitions of plant assets (all were for cash). Motorsports of Miami sold no plant assets.b. Proceeds from the sale of investments. Motorsports of Miami purchased noinvestments.

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